Banking and Financial Services

SB 2828, the Money Transmission Modernization Act, requires money transmission licensees (such as companies that send money electronically) to charge customers a fee of $7.50 for transactions under $500 or 1.5% of amounts over $500. Licensees must remit these fees quarterly to the Department of Revenue, with half going to the Law Enforcement 287(g) Program Fund (supporting state/local law enforcement partnering with ICE) and half to the State General Fund. The bill mandates licensees to inform customers they can claim an income tax credit for these fees when filing their taxes. This provision would expire on July 1, 2029.

SB 2676, the Proxy Advisor Transparency Act, requires proxy advisors (firms that advise shareholders on voting) to disclose whether their voting recommendations are based on a written financial analysis that considers how the vote affects investment value. This directly affects shareholders, especially institutional investors managing retirement funds, and proxy advisors like Glass Lewis. The law mandates clear disclosures to clients when recommendations against company management (e.g., on ESG or DEI proposals) lack financial analysis, and requires advisors to notify companies of their recommendations so companies can share additional context. Violations are treated as deceptive trade practices under Mississippi law.

SB 2714 creates a new process for handling unclaimed property in safe deposit boxes in Mississippi. It establishes specific rules to determine when contents are presumed abandoned (e.g., if the owner's last-known address is invalid), requiring banks to report and transfer such property to the State Treasurer after a defined period. The bill removes a previous 5-year waiting period for transferring funds from cancelled warrants to the Abandoned Property Fund and clarifies key terms like "tangible personal property" and "last-known address." This directly affects banks, financial institutions holding safe deposit boxes, and individuals with unclaimed property in those boxes. The law aims to streamline the unclaimed property process for safe deposit contents under Mississippi's Unclaimed Property Act.

SB 2257 amends Mississippi's Housing Authorities Law to allow housing authorities to participate in "mixed-finance projects," defined as initiatives combining public funds with private resources like low-income housing tax credits. It enables authorities to directly sponsor projects, provide mortgage loans to non-profits, or partner with entities (such as limited liability companies) to develop affordable housing. The bill also authorizes housing authorities to form self-insurance pools for shared risk management and grants legal protections to individuals involved in these projects. These changes directly affect Mississippi housing authorities, their nonprofit partners, and low-income housing developments seeking blended funding approaches.

SB 2383 updates Mississippi banking regulations to clarify definitions and streamline operations for state-chartered banks and thrifts. It redefines "electronic terminal" (including interactive teller machines or ITMs) and states banks can independently decide where to place these devices without prior regulatory approval. The bill also modifies dividend rules requiring commissioner approval if a bank is undercapitalized or under corrective action, and shifts charter renewal approvals from the State Comptroller to the Banking Commissioner. Additionally, it permits banks to invest in community development projects and public welfare investments under federal guidelines. These changes directly affect Mississippi banks by reducing regulatory barriers for terminal placement and investment while updating dividend and charter procedures.