Mississippi Debt Management Services Bonds
Mississippi Debt Management Services Bond Information
Debt Management Service Provider licensees are required to obtain a surety bond or other security pursuant to Section 81-22-7 of the Mississippi Nonprofit Debt Management Services Act. The purpose of the surety bond is to constitute funds to be used to reimburse payments made by debtors that were not properly distributed by the licensee to the creditors. The surety bond is filed with the Commissioner of the Mississippi Department of Banking and Consumer Finance.
How Much Does a Debt Management Services Bond Cost in Mississippi?
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Getting Your Mississippi Business License or Registration
License period Debt Management Service Providers is January 1 to December 31 and is not pro-rated for application made during the license period. The minimum licensing requirements are as follows;
- Initial license fee
- $50,000 surety bond issued for licensing period. Cash or a certificate of deposit in the same amount may be provided in lieu of surety bond
- Financial Statements
- Register with Mississippi Secretary of State
- Overview of the transactions and activities to be conducted
- Copy of consumer agreements and fee schedule
- Copy or servicing contracts or agreements between licensee and any third parties
- Narrative explaining how client payments are processed
- List of all education, courses and products offered to consumers and the associated costs
Other Helpful Information and Links
Mississippi Department of Banking and Consumer Finance Debt Management Service Provider