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| Mississippi - Department of Banking and Consumer Finance |
Mission Statement
“The Department of Banking and Consumer Finance, State of Mississippi, is committed to providing quality supervision and regulation to those institutions, persons, firms, corporations, and associations furnishing financial services, as authorized by statute, to the people of Mississippi. The Department also gives cooperative assistance to any individual, institution, industry, or other regulatory agency within the scope of our responsibilities. The staff of the Department is fully aware that courteous professionalism is not a goal, but the minimum acceptable standard of performance in carrying out the duties and responsibilities of the Department”.
The department is divided in to four divisions….
- Credit Union Division
- Banking Division
- Consumer finance Division
- Mortgage Division
Use the following link to access the website of the Department of Banking and Consumer Finance.
http://www.dbcf.state.ms.us/index.htm
The Department of Banking and Consumer Finance (Department) is charged with the primary examination and regulatory supervision of all Entities Regulated the primary functions of the Department are to insure the safety and soundness of the financial institutions chartered under state authority and to monitor the institutions' compliance with governing laws and regulations. The Department additionally serves as a regulatory interpreter for the institutions supervised and considers various applications for charters, branching, licensing, or other permissible activities. The Department may also bring various supervisory and enforcement actions against an institution to preserve regulatory practices and principles. In order to preserve the public interest, the Department may find necessary to close an institution operating in an unsafe and unsound manner.
The Department has met all the standards of the Conference of State Bank Supervisors (CSBS) accreditation program and was officially accredited June 6, 1996, and reaccredited December 28, 2001. The Department will continue to be subject to an annual self-assessment and an on site re-accreditation every five years by representatives of CSBS.
CSBS is the professional association of state officials responsible for chartering, supervising, and regulating the nation's 6,000-plus state-chartered commercial and savings banks, and more than 400 state-licensed foreign banking offices nationwide.
CSBS is the only national organization dedicated to enhancing the value of the state charter and strengthening the dual banking system. Founded in 1902, CSBS is the premier resource for state banking and the major champion of the American dual banking system. A fundamental goal of CSBS is enhancing the professionalism of state banking departments and their personnel. Well-educated examiners bring more efficiency, experience, and accuracy to the examination process.
The Department establishes a precedence to accomplish their mission with the following statement: “The Department is committed to providing cooperative assistance to any individual, institution, industry, or other regulatory agency within the scope of our responsibilities. The staff is fully aware that courteous professionalism is not a goal, but the minimum acceptable standard of performance in this administration”.
The Department, in the banking division, has statutory authority under Section 81-1-1, et seq., Mississippi Code of 1972, Annotated to carry out its supervisory and regulatory actions for banks, savings and loan associations, savings banks, trust companies and credit unions. While the Department uses the Mississippi Code in most instances to perform its duties, statutes allow the Commissioner the authority to promulgate regulations to further help in the regulatory process. Also from time to time, the Commissioner will communicate with banks in the form of a Memorandum to further clarify certain positions. The State Board of Banking Review also has authority to promulgate rules or regulations, which will allow state chartered banks the same rights and privileges as that of national banks operating in the State.
The consumer division of the Department is given authority under the following Sections of the Mississippi Code of 1972, Annotated to carry out its duties of supervision and regulation of non-deposit institutions it is charged with licensing. The statute allows the Commissioner to promulgate regulations to further enhance the supervisory process.
- Sale of Checks Law 75-15-1.
- Consumer Loan Broker Act 81-19-1.
- Insurance Premium Finance Law 81-21-1.
- Small Loan Regulatory Law 75-67-101.
- Small Loan Privilege Tax Law 75-67-201.
- Motor Vehicle Sales Finance Law 63-19-1.
- Mississippi Pawnshop Act 75-67-301.
- Mississippi Title Pledge Act 75-67-401
- Mississippi Check Cashers Act 75-67-501.
- Mississippi Mortgage Consumer Protection Law 81-18-1.
- Mississippi Nonprofit Debt Management Services Act 81-22-1
Contact and Location Information
501 N. West Street
901 Woolfolk Building Suite A
P.O. Box 23729
Jackson, MS 39225-3729
Local: 601.359.1031
WATS: 800.844.2499
Fax: 601.359.3557
Complaints
A complaint is an expression of concern or dissatisfaction by any party against a company regulated by the Department of Banking and Consumer Finance.
STEP 1
The first thing to do is to contact someone in authority at the company or business in question (i.e. Owner, President, or Consumer Complaint Specialist) to resolve the complaint.
When you have a complaint, you should first contact the company about it. You may be able to get a resolution. If you talk to someone at the company you should:
- Be courteous and remain calm.
- Explain the problem: provide dates and amounts paid or billed, have important documents, and present as many facts as possible.
- Explain what type of remedy you are seeking.
- State whether you are willing to negotiate; remember, in many disputes, neither side is totally correct.
If you cannot get a response by following the above steps, move on to the next step below by contacting the Department of Banking and Consumer Finance after completing the attached complaint form. Or, contact the appropriate agency if the complaint involves a company not subject to the jurisdiction of the Department. Please see below where to call about filing a complaint against such a company.
STEP 2
CONTACT THE DEPARTMENT OF BANKING AND CONSUMER FINANCE
If your talk with the company fails to resolve the complaint, you may wish to complete a complaint form and mail it to the Department. This complaint form is available online in Portable Document Format (PDF). Include copies (not originals) of relevant documents, canceled checks, correspondence, etc. The Department will send a copy of your complaint to the institution and request that the institution respond promptly to you and send the Department a copy.
The Department's goal in complaint handling is to encourage companies and consumers to settle their disputes directly. However, if your complaint is referred to this Department, it may take longer to resolve your concern than by direct contact with the company.
Be aware that the Department does not have the authority to act as a court of law and the Department may suggest that a consumer seek the advice of an attorney. In some cases your only recourse to resolve the matter might be legal action. The Department will not handle a complaint that is in litigation nor will the Department act on behalf of either party to the dispute. If, after a thorough investigation, a company is found to be in violation of a law, the Department will take appropriate corrective action.
Use the attached link to access information on how to file a complaint and where to find the find the correct forms.
http://www.dbcf.state.ms.us/complaints.htm
Entities Regulated
The Department of Banking and Consumer Finance for the State of Mississippi regulates the following entities.
- State chartered commercial banks,
- State chartered thrift institutions,
- State chartered credit unions,
- Independent trust companies,
- Consumer finance companies,
- Premium finance companies,
- Motor vehicle sales finance companies,
- Pawn brokers, title pledge lenders,
- Consumer loan brokers,
- Check cashers,
- Mortgage lenders and the sale of commercial exchange,
- Debt Management Service Providers.
Mortgage Lenders
Use the following link to access information on how the department regulates mortgage lenders.
http://www.dbcf.state.ms.us/mortgage_lending.htm
Identity Theft
When it comes to identity theft, the old adage applies, an ounce of prevention is worth a pound of cure. The following are useful tips and information for consumers to avoid identity theft:
- Be careful about giving out your personal information. Don’t give out any personal information over the phone unless you initiate the call;
- Pay attention to your billing cycles. If you don’t get your bills in the mail, be suspicious;
- Be cautious about where you leave your information. Think of your bills as cash, don’t leave them lying around;
- Guard your mail from theft. Be vigilant about checking your mail promptly after it has been delivered. Don’t let it pile up while you are away;
- Watch what you throw away. What may be garbage to you can be stolen treasure to an identity thief;
- Travel light. Don’t carry more checks or credit cards than you need. That will minimize the damage if your wallet is lost or stolen; and
- Check your credit report on a regular basis. Order a copy of your credit report from the three major credit-reporting agencies at least once a year and make sure that the information they have is correct.
- The agencies are:
- Experian 1-800-397-3742
- Equifax 1-800-525-6285
- Trans Union 1-800-680-7289
If a consumer is a victim of Identity theft, he/she should:
- Contact creditors by phone and by certified mail;
- Stop payment on checks and close bank accounts;
- Contact the Department of Motor Vehicles and your local postal inspector;
- File a report with your local police department; and
- Call the FTC’s fraud hotline at 1-877-IDTHEFT.
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