5 Miss. Code. R. 3-1.10 - Record

1. Each Licensee shall maintain certain files or records at its licensed location. The required documents and information listed below shall be maintained in separate folders with an appropriate index, filed alphabetically or numerically. Such records may be in the original form, in the form of computer printouts or on electronic media, if readily accessible for viewing on a screen with the capability of being promptly printed upon request. All records shall be maintained for twenty-four (24) months after the date of the final transaction.

2. A separate file for each principal borrower shall be maintained and shall contain all pertinent information and documents including but not limited to deed of trusts, security agreements, financing statements, promissory notes, insurance policies, deferment agreements, releases, cancellations, termination statements and disclosure statements. All documents pertaining to the loan shall contain the loan number.

3. A loan register or a copy of all disclosure statements shall be maintained in order according to date of loan.

4. The following information shall be maintained on a loan ledger or on a computer generated copy:

a. name and address of the borrower and each co-borrower

b. date of loan and loan number

c. total amount of payments

d. finance charges pursuant to Miss. Code Ann. § 75-17-21

e. closing fee pursuant to Miss. Code Ann. § 75-17-21(3)

f . State Contract Rate

g. State Amount Financed

h. dollar amount of default charge authorized by Section 9 of these Regulations

i. deferral charge

j. credit life insurance premium, coverage, and terms

k. credit disability insurance premium, coverage, and terms

l. other types of insurance premiums, coverage, and terms

m. fees paid to public officials

n. attorney fees for title search

o. appraisal fees

p. terms of repayment

q. type of collateral

r. date of maturity

s. whether the loan is new, a renewal, or a remaking of a previous loan, and, if so, the account number of the previous loan

t. unpaid balance

u. amount and date of receipt of all payments

v. date and amount of all default charges imposed and date and amount of the payment thereof

w. payments from insurance proceeds

x. any information regarding litigation, repossession, or foreclosure pertaining to the loan and/or the collateral

y. for terminated loans:

1. date of termination

2. whether terminated by payment, renewal or refinancing

3. any insurance claim payments

z. for loans terminated by renewal, remaking or refinancing:

1. loan number of renewal, remake or refinancing

2. refunds for unearned finance charge

3. refunds of any unearned insurance premiums

aa. real estate prepayment penalty

5. Any errors in records shall be corrected by a correcting entry rather than by erasure or obliteration with appropriate entries evidencing why, when, and by whom such correcting entry was made.

6. All files and records shall be maintained separately so as to readily identify business transacted under the Small Loan Regulatory Law and Small Loan Privilege Tax Law.

7. Licensee shall document all overpayments by the borrower and proof of all refunds.

8. A check register shall be maintained in numerical order and the purpose of each check issued shall be indicated.

9. Licensee shall maintain a record of the itemization of the amount financed in the borrower's file.

10. Licensee shall maintain a register of all deferment charges which includes customer name, account number and date of deferment charge.

Notes

5 Miss. Code. R. 3-1.10

Miss. Code Ann. § 75-67-129; Miss. Code Ann. § 75-67-243; Effective date March 30, 2006