Promulgation and Purpose

Promulgation and Purpose. General. These Regulations are promulgated pursuant to Miss. Code Ann. §75-67-601, et seq., known as the “Mississippi Credit Availability Act” (MCAA). Specifically, §75-67-615(1) empowers the Department of Banking and Consumer Finance (DBCF) to adopt reasonable administrative regulations, not inconsistent with law, in order to enforce the MCAA. These Regulations are neither intended to create any private right, remedy, or cause of action in favor of any account holder or against any Licensee, nor are these Regulations intended to apply to any business transaction of a Licensee not covered by Mississippi Law. These Regulations are intended only to clarify the existing statutory law governing the “Credit Availability” business. In order to ensure compliance with the provisions set forth in the MCAA, the following regulations have been implemented.