2012 CUMULATIVE SUPPLEMENT TO CODE MISSISSIPPI ANNOTATED 1972 Issued September, 2012 CONTAINING PERMANENT PUBLIC STATUTES OF MISSISSIPPI ENACTED THROUGH 2012 REGULAR SESSION OF THE LEGISLATURE PUBLISHED BYAUTHORITY OF THE LEGISLATURE SUPPLEMENTING Volume 16B (As Revised 2009) For latest statutes or assistance call 1-800-833-9844 By the Editorial Staffofthe Publisher LexisNexis QUESTIONSABOUT THIS PUBLICATION? ForEDITORIALQUESTIONSconcerningthispublication, orREPRINTPERMISSION,pleasecall: 800-833-9844 ForCUSTOMERSERVICEASSISTANCEconcerningreplacementpages, shipments,billingorother matters,pleasecall: CustomerServiceDepartmentat 800-833-9844 OutsidetheUnitedStates andCanada 518-487-3000 FAX 518-487-3584 ForINFORMATIONONOTHERMATTHEWBENDERPUBLICATIONS,pleasecall: Youraccountmanageror 800-223-1940 OutsidetheUnitedStates andCanada 518-487-3000 Copyright © 2012 by THE STATE OF MISSISSIPPI All rights reserved. LexisNexis and the Knowledge Burst logo are registered trademarks, and Michie is a trademark ofReed Elsevier Properties, Inc., used underlicense. Matthew Bender is a registered trademark ofMatthew Bender Properties, Inc. 5464623 ISBN 978-0-327-09628-3 (Code set) ISBN 978-1-422-45912-6 (Volume 16B) LexisNexis Matthew Bender & Company, Inc. 701 E. Water Street, Charlottesville, VA22902-5389 www.lexisnexis.com (Pub.44510) User's Guide Inorderto assistboththelegalprofession andthe laymaninobtainingthe maximumbenefitfrom the Mississippi Code of1972Annotated, aUser's Guide has been included in the main volume. This guide contains comments and information on the many features found within the Code intended to increase the usefulness ofthe Code to the user. 111 Digitized by the Internet Archive 2013 in http://archive.org/details/govlawmssupp16b2012 PUBLISHER'S FOREWORD Statutes The 2012 Supplement to the Mississippi Code of 1972 Annotated reflects the statute law of Mississippi as amended by the Mississippi Legislature through the end ofthe 2012 Regular Session. Annotations Case annotations are included based on decisions ofthe State and federal courts in cases arising in Mississippi. Annotations to collateral research references are also included. To better serve our customers by making our annotations more current, LexisNexishas changedthe sourcesthat arereadto create annotationsforthis publication. Rather than waiting for cases to appear in printed reporters, we now read court decisions as they are released by the courts. Aconsequence of this more current reading ofcases, as they are posted online on LexisNexis, is thatthe mostrecentcases annotatedmaynotyethaveprintreportercitations. These will be provided, as they become available, through later publications. This publication contains annotations taken from decisions ofthe Missis- sippi Supreme Court andthe Court ofAppeals and decisions ofthe appropriate federal courts. These cases will be printed in the following reporters: Southern Reporter, 3rd Series United States Supreme Court Reports Supreme Court Reporter United States Supreme Court Reports, Lawyers' Edition, 2nd Series Federal Reporter, 3rd Series Federal Supplement, 2nd Series Federal Rules Decisions Bankruptcy Reporter Additionally, annotations have been taken from the following sources: American Law Reports, 6th Series American Law Reports, Federal Series Mississippi College Law Review Mississippi Law Journal Finally, published opinions of the Attorney General and opinions of the Ethics Commission have been examined for annotations. Amendment Notes Amendment notes detail how the new legislation affects existing sections. Editor's Notes Editor's notes summarize subject matter and legislative history of re- pealed sections, provide information as to portions oflegislative acts thathave not been codified, or explain other pertinent information. Publisher's Foreword Joint Legislative Committee Notes Joint Legislative Committee notes explain codification decisions and corrections ofCode errors made by the Mississippi Joint Legislative Commit- tee on Compilation, Revision, and Publication ofLegislation. Tables The StatutoryTablesvolume adds tables showingdispositionoflegislative acts through the 2012 Regular Session. Index The comprehensive Index to the Mississippi Code of 1972 Annotated is replaced annually, and we welcome customer suggestions. The foreword to the Index explains our indexing principles, suggests guidelines for successful index research, and provides methods for contacting indexers. Acknowledgements The publisher wishes to acknowledge the cooperation and assistance rendered by the Mississippi Joint Legislative Committee on Compilation, Revision, and Publication ofLegislation, as well as the offices oftheAttorney General and Secretary ofState, in the preparation ofthis supplement. User Information Visit the LexisNexis website at http://www.lexisnexis.com for an online bookstore, technical support, customer support, and other company informa- tion. For further information or assistance, please call us toll-free at (800) 833-9844, fax us toll-free at (800) 643-1280, e-mail us at [email protected], or write to: Mississippi Code Editor, LexisNexis, 701 E. Water Street, Charlottesville, VA 22902-5389. September 2012 LexisNexis VI SCHEDULE OF NEW SECTIONS Added in this Supplement TITLE 75. REGULATION OF TRADE, COMMERCEAND INVESTMENTS CHAPTER 15. Mississippi Money TransmittersAct Sec. 75-15-12. Licenseesrequiredtopossess permissibleinvestmentshavinganaggre- gate market value of at least the aggregate amount of outstanding checks. 75-15-35. Compliance with state and federal money laundering laws. CHAPTER 24. Regulation ofBusiness for Consumer Protection GENERAL PROVISIONS 75-24-29. Persons conductingbusiness inMississippi requiredtoprovide notice of a breach of security involving personal information to all affected individuals; enforcement. CREDIT CARD PROCESSING HARDWAREAND SOFTWARE 75-24-231. Creditcardprocessinghardware and softwarerequiredtomeetrequire- ments offederal law. CHAPTER 76. Mississippi Gaming ControlAct MISSISSIPPI GAMING COMMISSION FUND 75-76-325. Mississippi Gaming Commission Fund created; use offunds. CHAPTER 93. Fictitious Business Name RegistrationAct 75-93-1. Short title. 75-93-3. Purpose. 75-93-5. Definitions. 75-93-7. Registration. 75-93-9. Amendments to registration. 75-93-11. Term and renewal. 75-93-13. Effect ofregistration. 75-93-15. Withdrawal ofregistration. 75-93-17. Cancellation ofregistration. 75-93-19. Change ofownership. 75-93-21. Forms and fees. 75-93-23. Legal designation ofentity. 75-93-25. Limitations on adoption ofcertain fictitious business names. 75-93-27. Public examination ofrecords. 75-93-29. Powers ofSecretary ofState. 75-93-31. Penalty for fraudulent filings. CHAPTER 95. Business ofPurchasing Precious Items for Resale 75-95-1. Definitions; applicability. 75-95-3. Privilege license required. 75-95-5. Informationtobemaintainedbydealerforperiodoftimeafterpurchase ofprecious item; identification ofperson from whom dealer purchases 2012 Supplement 1 Schedule of New Sections preciousitem;listofitemspurchasedtobedeliveredtolawenforcement agency; contents oflist. Sec. 75-95-7. Custody ofprecious item; forms ofpayment to seller; purchase ofitem from person under 18 years ofage. 75-95-9. Display ofprovisions ofthis chapter on business premises. 75-95-11. Penalties for violation ofchapter. 2012 Supplement CODE MISSISSIPPI 1972 ANNOTATED VOLUME SIXTEEN B TITLE 75 REGULATION OF TRADE, COMMERCE AND INVESTMENTS Chapter 15. Mississippi Money TransmittersAct 75-15-1 Chapter 17. Interest, Finance Charges, and Other Charges 75-17-1 Chapter 24. Regulation ofBusiness for Consumer Protection 75-24-1 Chapter 29. Sale and Inspection ofFood and Drugs 75-29-1 Chapter 55. Gasoline and Petroleum Products 75-55-1 Chapter 57. Liquefied Petroleum Gases 75-57-1 Chapter 58. Mississippi Natural Gas MarketingAct 75-58-1 Chapter 60. Proprietary Schools and Colleges 75-60-1 Chapter 63. Sales ofCemetery Merchandise and Funeral Services 75-63-1 Chapter 67. Loans 75-67-1 Chapter 71. Mississippi Securities Act of2009 .75-71-101 Chapter 75. Amusements, Exhibitions andAthletic Events 75-75-1 Chapter 76. Mississippi Gaming ControlAct 75-76-1 Chapter 93. Fictitious Business Name RegistrationAct 75-93-1 Chapter 95. Business ofPurchasing Precious Items for Resale 75-95-1 CHAPTER 15 Mississippi Money TransmittersAct Sec. 75-15-1. Citation. 75-15-3. Definitions. 75-15-5. License required. 75-15-7. Exemption from license requirement. 75-15-9. Applications and qualifications. 75-15-11. Accompanyingfinancial statement, bond, proofofregistration as money service business, and set of fingerprints; denial of license to certain individuals convicted ofcertain crimes. 75-15-12. Licenseesrequiredtopossesspermissibleinvestmentshavingan aggre- gate market value of at least the aggregate amount of outstanding checks. 75-15-13. Investigation; granting oflicense. 75-15-15. Annual license fee. 75-15-17. Agents; appointment of subagents to conduct money transmission prohibited. 75-15-19. Monthly report of total amount of outstanding money transmissions; 2012 Supplement 3 § 75-15-1 Trade, Commerce, Investments annual financial statement; examination or audit ofbooks and records; certain books and records to be maintained for five years. 75-15-23. Liability oflicensee. 75-15-25. Limitation on outstanding money transmissions or checks in Missis- sippi. 75-15-27. Revocation oflicense; notice; hearing; appeals. 75-15-29. Bond increase. 75-15-31. Penalties. 75-15-35. Compliance with state and federal money laundering laws. § 75-15-1. Citation. This chapter may be cited as the "Mississippi Money Transmitters Act." SOURCES: Codes, 1942, § 5131-01; Laws, 1966, ch. 257, § 1; Laws, 2010, ch. 448, § 1, efffrom and after July 1, 2010. — Amendment Notes The 2010 amendment substituted "Mississippi Money TransmittersAct"for "Sale ofChecks Law." § 75-15-3. Definitions. For the purposes ofthis chapter: (a) "Check"means any check, draft, money order, personal moneyorder or other instrument, including but not limited to stored value cards, for the transmission or payment of money. The format of a check may be either paper, electronic, plastic or any combination thereof. (b) "Commissioner" means the Commissioner of Banking and Con- sumer Finance ofthe State ofMississippi. (c) "Deliver"meanstodeliverachecktothefirstpersonwhoinpayment for same makes or purports to make a remittance of or against the face amount thereof, whether or not the deliverer also charges a fee in addition to the face amount, and whether or not the deliverer signs the check. (d) "Executive officer" means the licensee's president, chairman ofthe executive committee, senior officer responsible for the licensee's business, chieffinancial officer and any other person who performs similar functions. (e) "Licensee"means a person duly licensed by the commissioner under this chapter. (f) "Monetary value" means a medium of exchange, whether or not redeemable in money. (g) "Moneytransmission"means to engage in the business ofthe sale or issuance ofchecks or ofreceiving money or monetaryvalue for transmission to a location within or outside the United States by any and all means, including but not limited to wire, facsimile or electronic transfer. (h) "Outstanding check" means any check issued or sold in Mississippi byorforthe licensee thathas been reported as soldbut notyet paidby orfor the licensee. (i) "Person" means any individual, partnership, association,joint-stock association, trust or corporation, but does not include the United States government or the government ofthis state. 4 2012 Supplement