The management, control and direction of the department shall be vested in the Commissioner of Banking and Consumer Finance, who shall be directly responsible for the proper functioning of the department. The commissioner shall be a banker who possesses not less than ten (10) consecutive years of active banking experience of which five (5) years' experience were performed in a major policy-making function as an executive officer, or shall be a person who possesses fifteen (15) years of active experience as a state or federal financial institutions examiner. The commissioner shall have been active in such major policy-making function or actively employed by the state or federal financial institutions regulatory authority within the previous five (5) years of his appointment. The commissioner shall be appointed by the Governor, with the advice and consent of the Senate, for a term of office of four (4) years, commencing on the day of appointment or on July 1 of the year in which the Governor is inaugurated, whichever comes first. The commissioner shall serve until his successor is appointed and qualified, but in no event shall he serve past the July 1 occurring after the end of the term of the Governor who appointed him, unless he shall be reappointed by the new Governor. If, for any cause, a vacancy occurs in the office of the commissioner, the Governor shall make the appointment for the unexpired term.
The commissioner shall be of good moral character, thoroughly understanding the theory and practice of banking, and must be a qualified elector of the State of Mississippi. The commissioner shall not be an officer, director or employee of any banking corporation during his entire term as commissioner, effective from the time of his appointment.
The commissioner may be removed by the Governor for good cause, but only after notice and a hearing.
Structure Mississippi Code
Title 81 - Banks and Financial Institutions
Chapter 1 - Department of Banking and Consumer Finance
§ 81-1-59. Department of banking and consumer finance
§ 81-1-61. Commissioner of Banking and Consumer Finance; qualifications; term of office; vacancies
§ 81-1-63. Deputy commissioner; duties; qualifications; dismissal
§ 81-1-67. Oath of office and bond
§ 81-1-69. Salaries of commissioner and deputy commissioner
§ 81-1-71. Reimbursement of travel expenses; annual audit
§ 81-1-75. Furniture, fixtures, equipment and department expenses
§ 81-1-79. Attorney general as legal adviser; special counsel
§ 81-1-83. Powers and duties of officer making examination
§ 81-1-85. Witnesses' attendance may be compelled; penalty for false statements
§ 81-1-87. Testimony to be taken by stenographer; compensation of stenographer
§ 81-1-91. Past due paper; certain items to be charged off
§ 81-1-93. Special examinations and special services; cost and expenses
§ 81-1-95. New statement may be ordered after finding of material changes or errors
§ 81-1-97. Call reports by banks; attestation
§ 81-1-101. False statement of bank official; penalty
§ 81-1-105. Injunction against commissioner by bank
§ 81-1-107. Assessment against banks for maintenance fund
§ 81-1-109. Disbursements from department maintenance fund
§ 81-1-111. Forms and record books to be supplied
§ 81-1-113. Annual report to legislature
§ 81-1-117. Transfer of functions
§ 81-1-125. Commissioner to issue orders for supervisory control with regard to banks
§ 81-1-129. Appeal of cease and desist order
§ 81-1-131. Fines and penalties; reimbursement