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Law & Accounting

State regulating bank subsidiaries until ordered to stop, says top bank supervisor

Mississippi’s Department of Banking has returned to licensing wholly owned subsidiaries of federally chartered banks and thrifts and enforcing their compliance with state financial consumer protection laws. Banking Commissioner John Allison cites the Dodd-Frank Wall Street Reform and Consumer Protection Act as authority for restoration of enforcement powers the state ceded to the Office of the Comptroller of the Currency ...

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Bank reform sets stage for state, federal regulator spat

With the volumes of rule making required to fully implement the Dodd-Frank Wall Street Reform, observers widely viewed the measure as a regulatory turf war waiting to happen. The waiting is over. The historic reform law, which went into effect July 21, will be the subject of many more months of rule making by federal regulators. But already under challenge ...

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(In)justice court?

A proposed rule change that would require certain businesses to be represented by an attorney when appearing in justice court in a civil case has both the business community and justice court judges up in arms. With the proposal, known as Rule 2.12, now pending before the Mississippi Supreme Court, the justice court judges and business advocates are rallying to ...

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Jackson councilman pushes insurance requirement for convenience stores that sell alcoholic beverages

The liability insurance Jackson City Councilman Kenneth Stokes wants to require of convenience stores in the city that sell alcoholic beverages may make the premises safer from mishaps such as slip-and-falls. But don’t look for it to lessen the likelihood of violent incidents – or to even cover customers injured by violence, insurance professionals say. Ward 3’s Stokes has proposed ...

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Speed suit: Eminent domain vote repeals constitutional protections

Leland Speed concedes he may be relying on a “technical violation” in a lawsuit to stop a statewide vote on banning the use of eminent domain to take private property. But he’s got to do whatever he can to keep a “dumb” result from occurring, said Speed, a longtime Jackson real estate investor and now interim head of the Mississippi ...

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Accounting for stimulus funding

For the construction industry, funding from the American Recovery and Reinvestment Act (ARRA) has been a much-needed boost to their bottom line. Mississippi roadbuilders alone have been granted approximately $248 million, roughly equal to a year’s worth of state appropriations for road work. However, in order to take advantage of ARRA funding, contractors must meet compliance issues such as internal ...

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MBJ PROFILE: Cheri Turnage Gatlin

It was a typical day in the life of Cheri Turnage Gatlin, the managing partner of the Jackson office of Burr & Forman, LLP. Her office phone rang almost incessantly, the price one pays for being known as a go-to person in the field of construction law. An associate poked his head to ask a quick question, which led to ...

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Tort to be tested by Supreme Court

The Mississippi Supreme Court will hear arguments June 14 on the constitutionality of the state’s $1 million cap on punitive damages in civil jury awards. The argument arose after the Fifth Circuit Court of Appeals certified the question of the cap’s constitutionality to the Mississippi court. The Fifth Circuit sent the question to the state court as part of the ...

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Electing or appointing?

Each system has its advantages, disadvantages In Mississippi judges are elected and appointed. Is one method better than the other? Often judges are appointed to fill unexpired terms and go on to be elected to their own terms. Nine justices of the Mississippi Supreme Court are elected from three districts. Non-partisan elections are staggered so that not all positions are ...

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