Mississippi House Bill 561 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Failed on February 5 2013 - 100% progression
Action: 2013-02-05 - Died In Committee
Text: Latest bill text (Introduced) [HTML]

An Act To Be Known As The Mississippi Consumer Alternative Installment Loan Act; To Prohibit The Engaging In The Business Of Making Consumer Installment Loans Of Money And Charging Or Contracting For Interest On Those Loans Without Being The Holder Of A Valid License To Engage In The Business As Provided By This Act Or The Small Loan Privilege Tax Law; To Provide That The Commissioner Of Banking And Consumer Finance Shall Administer This Act; To Prescribe The Maximum Charges Permitted For Loans Made By Licensees Under This Act And The Method Of Computing Those Charges; To Prescribe The Terms Of Loans Made By Licensees Under This Act; To Provide That Local Governments May Enact Ordinances That Are In Compliance With, But Not More Restrictive Than, The Provisions Of This Act; To Create New Section 75-67-123, Mississippi Code Of 1972, To Provide That For Purposes Of Compliance With Maximum Charges Permitted Under The Small Loan Regulatory Law And The Small Loan Privilege Tax Law, Any Charges, Fees Or Premiums For Credit Insurance Or Auto Club Memberships Shall Not Be Included In The Calculation Of The Finance Charge; To Amend Section 75-17-25, Mississippi Code Of 1972, To Conform To The Preceding Provision; And For Related Purposes.

MS Consumer Alternative Installment Loan Act; create.

Rep. Mark Baker [R]

Date	Chamber	Action
2013-02-05	House	Died In Committee
2013-01-21	House	Referred To Banking and Financial Services;Judiciary A

Type	Source
Summary	https://billstatus.ls.state.ms.us/2013/pdf/history/HB/HB0561.xml
Text	https://billstatus.ls.state.ms.us/documents/2013/html/HB/0500-0599/HB0561IN.htm