19 Miss. Code. R. 1-23.03 - Definitions

A. "Financial institution" shall mean a bank, savings bank, savings and loan association, trust company, credit union or any depository institution as defined by the Federal Deposit Insurance Act, and any other individual, corporation, partnership or association engaged in the taking or brokering of deposits or in the making or brokering of loans in this state. The term "financial institution" shall also include any person, including an insurance company that is soliciting the sale or purchase of insurance recommended or sponsored by, on the premises of, or in connection with a product offering of, a financial institution, regardless of whether the financial institution is located in the state. Except as otherwise set forth in this Section 3(A), the term "financial institution" does not include an insurance company.

B. The term "insurance" includes all products defined or regulated as insurance by Title 83, Mississippi Code of 1972, except:

1. Credit property as defined in Miss. Code Ann. § 83-17-1, credit life, accident and health; credit involuntary unemployment insurance, mortgage life; and mortgage accident and health;

2. Insurance placed by a financial institution in connection with collater alpledged as security for a loan when the debtor breaches the contractual obligation to provide that insurance;

3. Private mortgage insurance;

4. Land Title; and

5. Travel Accident and Baggage.

C. The term "loan" means an agreement to lend money or to finance goods or services. The term "loan" does not include the financing of insurance premiums, loans made by broker-dealers registered in accordance with applicable State and Federal securities laws that are wholly collateralized by securities, or a loan from the cash value of an insurance policy.

D. The terms "agent" and "agency" shall include all persons or entities as defined by Title 83, Mississippi Code of 1972.

E. The term "person" shall include any natural person, partnership, corporation, association, unincorporated organization, or other form of business enterprise, plural or singular, as the case demands.

Notes

19 Miss. Code. R. 1-23.03

Miss. Code Ann. § 83-17-1 (Rev. 2011)