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Can you summarize 5 MSAC Part 1?
DEPARTMENT OF BANKING AND CONSUMER FINANCE > Banking Activities
Short Summary
The provided legal document content consists of two regulations related to banking and consumer finance activities in Mississippi. The first regulation pertains to the repeal of prior rules in the Mississippi Administrative Code and aims to conform to the Department’s current practice, eliminate obsolete provisions, and provide clarification. It supersedes and repeals the prior Bank Regulation 1. The provisions addressed in this regulation include guidelines for banking hours, document filing fees, fees for special services, maximum percentages of the value of all loans and discounts, and preservation of bank records. It applies to banks and financial institutions operating in Mississippi, with an effective date of February 14, 2008. The second regulation, Regulation 2: Bank Parity, is an amendment to the Mississippi Administrative Code that grants state-chartered banks, state-chartered savings and loan associations, and state-chartered savings banks the same privileges as federally chartered depository institutions. The regulation aims to ensure that state-chartered banks have the same rights, powers, privileges, immunities, duties, and obligations as national banks. State-chartered institutions can request parity with their federal counterparts by submitting proof and a request to the Commissioner of the Department of Banking and Consumer Finance. The regulation covers various areas of corporate governance and operational activities, including branching, directors’ qualifying shares, extensions of credit to directors and officers, indemnification of directors and officers, and more. The Commissioner has the authority to approve or deny the parity request. It is important to note that the regulation does not modify or restrict the existing rights, powers, privileges, or immunities of state-chartered banks.
Whom does it apply to?
Banks and financial institutions operating in Mississippi
What does it govern?
Banking and consumer finance activities in Mississippi
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Mississippi