5 Miss. Code. R. 4-1.3 - Departmental responsibility
1.
Bank
Examinations.
It shall be the duty of the commissioner to apportion the work of examining banks among the examiners in such a way that each bank, under the provisions of law, shall be examined at least once during an eighteen-month period and more often, if necessary, in the discretion of the commissioner, at irregular intervals and without prior notice. However, neither the commissioner nor any examiner shall examine one (1) bank twice in succession unless the commissioner, for cause, so determines. In the event the commissioner's office, because of work load or other good sufficient cause, is unable to conduct an examination of a bank as provided for in this section, the commissioner is hereby authorized to accept the examination of any state bank performed by the Federal Deposit Insurance Corporation or the Federal Reserve Bank in lieu of the examination provided for in this section. However, in no case shall the commissioner be authorized to accept any such examination of any state bank performed by either the Federal Deposit Insurance Corporation or the Federal Reserve Bank for any two (2) consecutive eighteen-month periods.
2.
Credit Union
Examinations. Credit unions shall be subject to the supervision of the
Department of Banking and Consumer Finance. The Commissioner of Banking and
Consumer Finance is empowered with authority to promulgate from time to time
rules and regulations concerning the operation of credit unions; provided that
such rules and regulations shall be consistent with and in conformity with the
laws of the State of Mississippi. Credit unions shall make a report of
condition thereto at least annually on blank forms to be supplied by said
department. Credit unions shall transmit to the department such call reports
within a time limitation established by the commissioner; however, such time
limitation cannot exceed that set by the National Credit Union Administration.
For any failure or delay in furnishing this report, the credit union shall be
subject to an administrative fine, which may be imposed by the commissioner, of
Fifty Dollars ($ 50.00) a day for each day while in such default. Reports shall
be verified by both the chief elected official and the treasurer and additional
reports may be required by the said department.
3.
Trust Companies. Commissioner
shall have supervision over authorized trust institutions and shall examine.
a. For the purposes of this article, the term
"authorized trust institution" means any state trust company, trust office or
representative trust office.
b.
Every authorized trust institution shall be under the supervision of the
commissioner. The commissioner shall execute and enforce through the department
and such other agents as are now or may hereafter be created or appointed, all
laws which are now or may hereafter be enacted relating to authorized trust
institutions. For the more complete and thorough enforcement of the provisions
of this chapter, the commissioner may promulgate such rules or regulations not
inconsistent with the provisions of the chapter, as may, in its opinion, be
necessary to carry out the provisions of the laws relating to authorized trust
institutions and as may be further necessary to insure safe and conservative
management of an authorized trust institution under its supervision taking into
consideration the appropriate interest of the creditors, stockholders,
participants and the public in their relations with such authorized trust
institutions. All authorized trust institutions doing business under the
provisions of this chapter shall conduct their business in a manner consistent
with all laws relating to authorized trust institutions, and all rules,
regulations, and instructions that may be promulgated or issued by the
commissioner.
c. The commissioner,
or his duly authorized representative, for the purpose of discovering
violations of this chapter and for the purpose of determining whether companies
or offices are subject to the provisions of this article, may examine
authorized trust institutions that have a charter, license or registration
under this chapter and companies or offices that are reasonably suspected by
the commissioner of conducting business that requires a charter, license or
registration under this chapter, including all relevant books, records and
papers employed by those companies or offices in the transaction of their
business, and may summon witnesses and examine them under oath concerning
matters relating to the business of those companies or offices, or such other
matters as may be relevant to the discovery of violations of this chapter,
including without limitation the conduct of business without a charter, license
or registration as required under this chapter.
4.
Consumer Loan Broker
Activities. The commissioner, or his duly authorized representative, for
the purpose of discovering violations of this chapter and for the purpose of
determining whether persons are subject to the provisions of this chapter, may
examine persons licensed under this chapter and persons reasonably suspected by
the commissioner of conducting business that requires a license under this
chapter, including all relevant books, records and papers employed by those
persons in the transaction of their business, and may summon witnesses and
examine them under oath concerning matters relating to the business of those
persons, or such other matters as may be relevant to the discovery of
violations of this chapter, including without limitation the conduct of
business without a license as required under this chapter.
5.
Insurance Premium Finance
Companies. The commissioner, or his duly authorized representative, for
the purpose of discovering violations of this chapter and for the purpose of
determining whether persons are subject to the provisions of this chapter, may
examine persons licensed under this chapter and persons reasonably suspected by
the commissioner of conducting business that requires a license under this
chapter, including all relevant books, records and papers employed by those
persons in the transaction of their business, and may summon witnesses and
examine them under oath concerning matters relating to the business of those
persons, or such other matters as may be relevant to the discovery of
violations of this chapter, including without limitation the conduct of
business without a license as required under this chapter.
6.
Money Transmitter Activities.
The commissioner, or his duly authorized representative, for the purpose
of discovering violations of this chapter and for the purpose of determining
whether persons are subject to the provisions of this chapter, may examine
persons licensed under this chapter and persons reasonably suspected by the
commissioner of conducting business that requires a license under this chapter,
including all relevant books, records and papers employed by those persons in
the transaction of their business, and may summon witnesses and examine them
under oath concerning matters relating to the business of those persons, or
such other matters as may be relevant to the discovery of violations of this
chapter, including without limitation the conduct of business without a license
as required under this chapter.
7.
Debt Management Activities. The commissioner may exercise the
following powers and functions:
a.
Complaint investigation. The commissioner may receive and act
on complaints, take action to obtain voluntary compliance with this chapter or
refer cases to the Attorney General, who shall appear for and represent the
commissioner in court.
b.
Rules. The commissioner may adopt reasonable administrative
regulations, not inconsistent with law, for the enforcement of this
chapter.
c.
Examination of
licensees. To assure compliance with the provisions of this chapter,
the department may examine the books and records of any licensee without notice
during normal business hours. The commissioner shall charge the licensee an
examination fee in an amount not less than Three Hundred Dollars ($ 300.00) nor
more than Six Hundred Dollars ($ 600.00) for each office or location within the
State of Mississippi, plus any actual expenses incurred while examining the
licensee's records or books that are located outside the State of Mississippi.
However, in no event shall a licensee be examined more than once in a two-year
period unless for cause shown based upon consumer complaint and/or other
exigent reasons as determined by the commissioner.
d.
Examination of nonlicensees.
The department, its designated officers and employees, or its duly
authorized representatives, for the purposes of discovering violations of this
chapter and for the purpose of determining whether any person or individual
reasonably suspected by the commissioner of conducting business that requires a
license under this chapter, may investigate those persons and individuals and
examine all relevant books, records and papers employed by those persons or
individuals in the transaction of business, and may summon witnesses and
examine them under oath concerning matters as to the business of those persons,
or other such matters as may be relevant to the discovery of violations of this
chapter, including, without limitation, the conduct of business without a
license as required under this chapter.
8.
Small Loan Companies. The
commissioner, or his duly authorized representative, for the purpose of
discovering violations of this article and for the purpose of determining
whether persons are subject to the provisions of this article, may examine
persons licensed under this article and persons reasonably suspected by the
commissioner of conducting business that requires a license under this article,
including all relevant books, records and papers employed by those persons in
the transaction of their business, and may summon witnesses and examine them
under oath concerning matters relating to the business of those persons, or
such other matters as may be relevant to the discovery of violations of this
article, including without limitation the conduct of business without a license
as required under this article.
9.
Pawn Shops. The Commissioner of Banking shall develop and provide
any necessary forms to carry out the provisions of this article. To assure
compliance with the provisions of this article, the commissioner may examine
the pawn books and records of any licensee without notice during normal
business hours.
Any expenses incurred for such examinations are included in the licensee's application fee; however, the commissioner may charge the licensee any actual expenses incurred while examining the licensee's pawn records or books which are located outside of the State of Mississippi.
10.
Title Pledge Activity.
The commissioner, or his duly authorized representative, for the purpose
of discovering violations of this article and for the purpose of determining
whether persons are subject to the provisions of this article, may examine
persons licensed under this article and persons reasonably suspected by the
commissioner of conducting business that requires a license under this article,
including all relevant books, records and papers employed by those persons in
the transaction of their business, and may summon witnesses and examine them
under oath concerning matters relating to the business of those persons, or
such other matters as may be relevant to the discovery of violations of this
article, including without limitation the conduct of business without a license
as required under this article.
11.
Check Cashers. The commissioner, or his duly authorized
representative, for the purpose of discovering violations of this article and
for the purpose of determining whether persons are subject to the provisions of
this article, may examine persons licensed under this article and persons
reasonably suspected by the commissioner of conducting business which requires
a license under this article, including all relevant books, records and papers
employed by those persons in the transaction of their business, and may summon
witnesses and examine them under oath concerning matters relating to the
business of those persons, or such other matters as may be relevant to the
discovery of violations of this article, including without limiting the conduct
of business without a license as required under this article.
12.
Motor Vehicle Sales. The
commissioner, or his duly authorized representative, for the purpose of
discovering violations of this chapter and for the purpose of determining
whether persons are subject to the provisions of this chapter, may examine
persons licensed under this chapter and persons reasonably suspected by the
commissioner of conducting business that requires a license under this chapter,
including all relevant books, records and papers employed by those persons in
the transaction of their business, and may summon witnesses and examine them
under oath concerning matters relating to the business of those persons, or
such other matters as may be relevant to the discovery of violations of this
chapter, including without limitation the conduct of business without a license
as required by this chapter.
13.
Credit Availability Activities. The commissioner, or his duly
authorized representative, for the purpose of discovering violations of this
article and for the purpose of determining whether persons are subject to the
provisions of this article, may examine persons licensed under this article and
persons reasonably suspected by the commissioner of conducting business which
requires a license under this article, including all relevant books, records
and papers employed by those persons in the transaction of their business, and
may summon witnesses and examine them under oath concerning matters relating to
the business of those persons, or such other matters as may be relevant to the
discovery of violations of this article, including without limitation the
conduct of business without a license as required under this article.
14.
Mortgage Companies. The
department, its designated officers and employees, or its duly authorized
representatives, for the purposes of discovering violations of this chapter and
for the purpose of determining whether any person or individual reasonably
suspected by the commissioner of conducting business that requires a license
under this chapter, may investigate those persons and individuals and examine
all relevant books, records and papers employed by those persons or individuals
in the transaction of business, and may summon witnesses and examine them under
oath concerning matters as to the business of those persons, or other such
matters as may be relevant to the discovery of violations of this chapter
including, without limitation, the conduct of business without a license as
required under this chapter.
Notes
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