Bill > HB1769

This bill reenacts the Mississippi Debt Management Services Act, which regulates companies that help consumers manage their debts by receiving money from consumers and distributing it to their creditors, arranging payment plans, or improving credit records. The bill's primary purpose is to extend the "repealer" date for this Act, meaning the law will remain in effect until July 1, 2029, instead of its previous expiration date of July 1, 2026. This extension ensures that the existing regulations, which include requirements for licensing debt management service providers, maintaining surety bonds, handling consumer funds in escrow accounts, providing written agreements and reports to consumers, and prohibiting certain practices like purchasing debt or lending money, continue to protect Mississippians. The bill also clarifies definitions for terms like "debt management service" and "debt management service provider" and outlines the powers of the Commissioner of Banking and Consumer Finance in overseeing these services.

Business and Industry

https://billstatus.ls.state.ms.us/2026/pdf/history/HB/HB1769.xml