Consumer Finance

The Consumer Finance Division is a nonbank division within the Department responsible for licensing and regulatory supervision of consumer industries with operations in Mississippi.

The Division regulates 10 industries totaling 2,874 licensees.  The industries include Money Transmitter, Small Loan, Check Cashers, Pawnbroker, Title Pledge, Consumer Loan Broker, Insurance Premium Finance, Motor Vehicle Sales Finance, Credit Availability and Debt Management Service Providers.

The Division is responsible for the evaluation of applications for licensure, the issuance and maintenance of licenses for those companies, and the periodic examination of licensed entities to ensure compliance with Mississippi laws.

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.

Money Transmitters Act 75-15-1, et seq.
Consumer Loan Broker Act 81-19-1, et seq.
Insurance Premium Finance Law 81-21-1, et seq.
Small Loan Regulatory Law 75-67-101, et seq.
Small Loan Privilege Tax Law 75-67-201, et seq.
Motor Vehicle Sales Finance Law 63-19-1, et seq.
Mississippi Pawnshop Act 75-67-301, et seq.
Mississippi Title Pledge Act 75-67-401, et seq.
Mississippi Check Cashers Act 75-67-501, et seq.
Mississippi Debt Management Services Act 81-22-1, et seq.
Mississippi Credit Availability Act 75-67-601, et seq.

 

Areas of Service

Check Casher Licensing Information:

License period is from October 1 to September 30 and is not pro-rated for application made during the license period.

Minimum Requirments:

  1. $750 initial license fee, $475 renewal license fee.
  2. $10,000 surety bond for the appropriate licensing period or $10,000 cash in lieu of security bond.
  3. Must submit a set of fingerprints on cards provided by the Department.
  4. Cannot be a convicted felon in the last ten years.
  5. A maintained net worth of at least $20,000 for one location, with an additional net worth of $5,000 per location.
  6. Registered with Mississippi Secretary of State as required by state law.

Check Casher Application Forms and Instructions:

Each applicant must download, complete and submit each of the following forms:

Consumer Loan Broker Licensing Information

Licenses are issued for one year concurrent with the date of the required bond.

Minimum Requirements:

  1. The initial license and renewal license fee are each $300.
  2. Surety Bond of $25,000 for appropriate licensing period.
  3. Financial statement: Assets, liabilities, and capital, if corporation; Assets, liabilities, and net worth, if applicant is not a corporation. Assets, liabilities, and capital of parent corporation, if license is being requested for subsidiary office of corporation.
  4. Statement as to type of business activity proposed.
  5. Registered with the Mississippi Secretary of State as required by state law.

Consumer Loan Broker Application Forms and Instructions:
Each applicant must download, complete and submit each of the following forms:

Credit Availability Licensing Information:

License period is from October 1 to September 30 and is not pro-rated for application made during the license period.

Minimum Requirements:

  1. $750 initial license fee, $475 renewal license fee.
  2. $10,000 surety bond for appropriate licensing period or $10,000 cash in lieu of security bond.
  3. Must submit a set of fingerprints on cards provided by the Department.
  4. Cannot be a convicted felon in the last ten years.
  5. A maintained net worth of at least $20,000 for one location, with an additional net worth of $5,000 per location.
  6. Registered with Mississippi Secretary of State as Required by state law.

Credit Availability Application Forms and Instructions:
Each applicant must download, complete and submit each of the following forms:

Debt Management Licensing Information

For companies wishing to provide Debt Management services in the state of Mississippi, both applications and renewals are completed through the Nationwide Mortgage Licensing System (NMLS). Please click on the link below in order to be transferred to their website. If you have any questions during the application or renewal process through NMLS, please contact the NMLS Call Center at 1-855-NMLS-123 (1-855-665-7123). 

Please click on the NMLS link below to be transferred to the NMLS website.

NMLS Website

License period is January 1 to December 31 and is not pro-rated for application made during the license period.

Minimum Requirements

  1. $750 initial license fee, $475 renewal license fee
  2. $50,000 surety bond issued for appropriate licensing period or $50,000 cash, CD, or government bond in lieu of surety bond
  3. Financial Statement as of the most recent fiscal year
  4. Registered with Mississippi Secretary of State as required by law
  5. Description of the transactions and activities to be conducted
  6. Copy of applicant's IRS Exemption Letter, if non-profit entity
  7. Copy of Agreement between license and consumer
  8. Copy of Applicants fee schedule
  9. Copy or servicing contracts/agreements between licensee and any third party (i.e Outsource)
  10. Narrative explaining the manner in which client payments are processed
  11. List of all education/courses and products offered to consumers with the costs of each

Insurance Premium Finance Licensing Information

Minimum Requirements

  1. $750 initial license fee, $475 renewal license fee.
  2. Financial statement: Assets, liabilities, and capital, if corporation; Assets, liabilities, and net worth if applicant is not a corporation. Assets, liabilities, and capital of parent corporation, if license is being requested for subsidiary office of corporation.
  3. Proposed rate schedule.
  4. Statement as to type of business activity proposed.
  5. Registered with the Mississippi Secretary of State as required by state law.

Insurance Premium Finance Application Forms and Instructions:
Each applicant must download, complete and submit each of the following forms:

Motor Vehicle Sales Finance Licensing Information

License period is from January 1 to December 31 and is not pro-rated for application made during the license period.

Minimum Requirements

  1. $750 initial license fee, $475 renewal license fee
  2. Registered with the Mississippi Secretary of State as required by state law
  3. Financial statement: Assets, liabilities, and capital, if corporation; Assets, liabilities, and net worth if applicant is not a corporation. Assets, liabilities, and capital of parent corporation, if license is being requested for subsidiary office of corporation.
  4. Licensing and servicing locations
  5. Statement as to type of business activity proposed
  6. Reference / Questionnaire form - For initial applications only (Out of State Companies): Submit this form from at least (3) states where the company holds a Motor Vehicle Sales Finance License.

Motor Vehicle Sales Finance Application Forms:

Money Transmitter Licensing Information

For companies wishing to provide Money Transmitting services in the state of Mississippi, both applications and renewals are completed through the Nationwide Mortgage Licensing System (NMLS). Please click on the link below in order to be transferred to their website. If you have any questions during the application or renewal process through NMLS, please contact the NMLS Call Center at 1-855-NMLS-123 (1-855-665-7123).

NMLS Website

License period is April 1st to March 31st and is not pro-rated for application made during the license period.

Minimum Requirements

  1. Investigation fee of $50 plus $750 initial license fee; $400 renewal license fee plus $50 for each additional location not to exceed $1,000
  2. Financial Statement reflecting a net worth of at least $25,000 plus $15,000 for each location in excess of one at which the applicant proposes to conduct money transmissions in this state; max required net worth is $250,000
  3. Surety Bond in the principal sum of $25,000 or in an amount equal to outstanding money transmissions in Mississippi, whichever is greater, but in no event shall the bond exceed $500,000. In lieu of a corporate Surety Bond, applicant may provide proof of a government bond or CD equal to required amount
  4. Registration with the Mississippi Secretary of State as required by law
  5. List of locations
  6. Sample of instrument(s) sold
  7. MSB FinCEN registration
  8. Certificate of good standing from state originally incorporated
  9. If a corporation, copy of Articles of Incorporation (with amendments). If LLC, Articles of Organization and Operating Agreement
  10. Fingerprint cards for each direct owner with at least 10% of the voting or outstanding shares of the corporation (except publically traded companies) and executive officers with significant oversight duties of the business. The fingerprint cards should be mailed to the Department at:

    Department of Banking and Consumer Finance
    Attn: Consumer Division
    P.O. Box 12129
    Jackson, MS 39236-2129

Pawnbroker Licensing Renewal

For Online Renewals CLICK HERE

Pawnbroker Licensing Information

License period is January 1 to December 31 and is not pro-rated for application made during the license period.

Minimum Requirements

  1. $500.00 initial license fee; $350.00 renewal license fee
  2. $10,000 surety bond for appropriate licensing period or $10,000 cash in lieu of surety bond
  3. Must submit fingerprints on cards provided by department.
  4. Cannot be a convicted felon in the last ten years.
  5. Must obtain six (6) hours of continuing education each year and submit a copy of your certificate with your application.

Pawnbroker Application Forms and Instructions:
Each applicant must download, complete and submit each of the following forms:

Forms to Update Existing Office(s)

For "Fingerprint Cards", or questions please contact Consumer@dbcf.ms.gov or call (800) 844-2499, or (601) 321-6901. The FBI will only accept fingerprint cards that we provide.

Small Loan Companies Licensing Information

Licenses are issued for one year concurrent with the date of the required bond.

Minimum Requirements

  1. Licenses are issued only to locations within state of Mississippi.
  2. $750 initial license fee, $475 renewal license fee
  3. Surety bond ($1,000) issued for appropriate license period.
  4. Financial statement: Assets, liabilities, and capital, if corporation; Assets, liabilities, and net worth if applicant is not a corporation. Assets, liabilities, and capital of parent corporation, if license is being requested for subsidiary office of corporation.
  5. Proposed line of credit or funding source.
  6. Statement as to type of business activity proposed.
  7. Registered with the Mississippi Secretary of State as required by state law.

Small Loan Application Forms:
Each applicant must download, complete and submit each of the following forms:

Title Pledge Licensing Information

License period is July 1 to June 30 and is not pro-rated for application made during the license period.

Minimum Requirements

  1. $750 initial license fee, $475 renewal license fee
  2. $50,000 surety bond or $25,000 cash in lieu of surety bond
  3. Must submit a set of fingerprints on cards provided by the department.
  4. Cannot be a convicted felon in the last ten years.
  5. Register with the Mississippi Secretary of State, as required by state law.

Title Pledge Application Forms:

NMLS and applications

For persons wishing to conduct business on Mississippi residential property, all types of applications are completed through the Nationwide Mortgage Licensing System (NMLS). Please click on the below NMLS link in order to be transferred to their website. If you have any questions about the NMLS website or need assistance in completing the required forms, please contact the NMLS Call Center Help Line at 1-855-NMLS123 (1-855-665-7123).

NMLS is a secured, web-based system that will allow state licensees, companies, branches, and loan officers, to apply for, amend, update or renew licenses online in Mississippi as in other participating states.

Each licensed company will have a single record in NMLS, regardless of the number of licenses they hold or the number of states in which they operate. Each licensed company will have access to their record in the system through a secure website, allowing them to conveniently view license information, apply for new licenses, amend existing licenses, renew or surrender licenses throughout the year.

Mortgage Residential Properties

Industry Resources

  • Check Casher Regulations Effective 12-1-12
  • Check Cashers Consumer Education Pamphlet
  • Listing of Licensed Check Cashers
  • MS Check Cashers Act
  • Violation Reporting Form
  • Violation Reporting Form
  • Listing of Licensed Consumer Loan Brokers
  • Consumer Loan Broker Act-July 1, 2005

Guidance

  • Consumer Loan Broker - Memo 1 8-19-03
  • Consumer Loan Broker - Memo 2 10-1-03
  • Consumer Loan Broker New Law Changes 4-20-04
  • Violation Reporting Form
  • Listing of Credit Availability Licensees
  • MS Credit Availability Act 2016
  • Frequently Asked Questions
  • Credit Availability - Consumer Pamphlet
  • Violation Reporting Form
  • Listing of Licensed Debt Management Service Providers
  • Mississippi Debt Management Services Act
  • Violation Reporting Form
  • Listing of Licensed IPF Companies
  • Insurance Premium Finance Law
  • Insurance Premium Finance Regulations 2009
Guidance
  • Memo Premium Finance Changes 2010
  • Regulatory Memo 2004 Amendments
  • Violation Reporting Form
  • Listing of Licensed Motor Vehicle Sales Finance Companies
  • Mississippi Motor Vehicle Sales Finance Law
  • Motor Vehicle Rate Chart Effective 01-01-2019
  • Motor Vehicle Regulations 02-16-67
Guidance
  • Interpretation of the words Motor Vehicle
  • Memo 4-28-04 New Law Changes
  • What is the Rule 78s
  • Violation Reporting Form
  • Listing of Licensed Money Transmitters
  • Mississippi Money Transmitter Act
  • Violation Reporting Form
  • Listing of Licensed Pawnbrokers
  • Mississippi Pawnshop Act
Guidance
  • Bulletin-Pawnbroker Law Changes 2010
  • Memo Reporting of Goods Pawned or Purchased
  • Violation Reporting Form
  • Listing of Licensed Small Loan Companies
  • Small Loan Privilege Tax Law
  • Small Loan Regulations July 1 2006
  • Small Loan Regulatory Law and Consumer Alt Inst Loan Act
Guidance
  • Advisory Bulletin 3-1-03
  • SAFE Letter to SL Licensees
  • Small Loan Final Regulations 7-1-2006
  • Violation Reporting Form
  • Listing of Licensed Title Pledge Companies
  • Mississippi Title Pledge Act
  • Mississippi Title Pledge Regulations Dated 12-15-03
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