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Mississippi Compliance Information for Tax Preparers
As a user of CrossLink, we are providing this information to you so that you may ensure you are complying with your state licensing and bonding consumer protection laws. If you offer RALs to your clients, you may be required to be licensed and bonded by the state of Mississippi as a Consumer Loan Broker. This is in addition to any other registration requirements that might be applicable.
Who must be Licensed and Bonded?
A tax preparer who receives any fee, compensation, bonus, or rebate for the acquisition of an RAL in the state of Mississippi must be licensed and bonded to do so. A license and bond is not required if the only fee charged to the client is for the preparation of the tax return.
Currently licensed Certified Public Accountants, Enrolled Agents, and Attorneys are exempt from the license and bonding requirement, however, the other portions of the law are applicable.
What are the Requirements to become Licensed and Bonded?
First, you must secure a $25,000 surety bond payable to the State of Mississippi or be prepared to submit $25,000 with your license application. After the bond has been secured, you must apply for a license and submit a $300 fee to the Department of Banking and Consumer Finance. Along with the application which must be notarized, you must submit the Surety Bond form or the Deposit in Lieu of Surety Bond form, a contact sheet, and a current balance sheet.
What Additional Requirements Apply?
A licensed Consumer Loan Broker is limited to earning the lesser of $25 or 3% of the original principal of the loan. You must enter into a written contract with your clients, which explains the financing terms, interest rate, loan charges and fees, and any other applicable fees. All documents related to an RAL must be kept for a period of two years from the date of the loan, at the licensed location unless prior permission is received from the Commissioner of Banking and Consumer Finance.
There may be other requirements you must follow as a licensed Consumer Loan Broker depending on your own unique situation. Please consult with an attorney or the Mississippi Department of Banking and Consumer Finance’s office for a thorough list of requirements to ensure your compliance with Mississippi laws and regulations.
What Do I Need to Do?
Visit the Mississippi Department of Banking and Consumer Finance’s Consumer Loan Broker Licensing Information website.* This site provides the forms you will need to submit, along with the address and other important information.
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