Purpose – Rescission of Prior Regulation

Purpose – Rescission of Prior Regulation. Section 81-22-17 (b), Miss. Code Ann., authorizes the Commissioner to adopt reasonable administrative regulations that are not inconsistent with the law in order to enforce the Mississippi Nonprofit Debt Management Services Act. Pursuant to the Mississippi Administrative Procedures Law, §25-43-1.101 et seq., Miss. Code Ann. a regulation was adopted on June 1, 2005, governing the debt management services industry. The substance of these regulations was included in Senate Bill #2439 which was signed into law by Governor Barbour during the 2006 Legislative session, and was effective on July 1, 2006. Therefore, the prior regulation governing the Mississippi Nonprofit Debt Management Regulations was rescinded.