House Bill 1208

AN ACT TO CREATE THE "MISSISSIPPI ALTERNATIVE LOAN ACT"; TO DEFINE CERTAIN TERMS; TO PROHIBIT ANY PERSON FROM ENGAGING IN THE BUSINESS OF LENDING MONEY, EXCEPT AS AUTHORIZED BY THIS ACT; TO PROVIDE FOR APPLICATIONS FOR A LICENSE FOR THOSE LOANS; TO AUTHORIZE LICENSING FEES; TO PROVIDE FOR THE REVOCATION OR SUSPENSION OF LICENSES BY THE COMMISSIONER OF BANKING AND CONSUMER FINANCE; TO AUTHORIZE AN EXAMINATION FEE; TO PROVIDE RECORD KEEPING REQUIREMENTS; TO AUTHORIZE THE COMMISSIONER OF BANKING AND CONSUMER FINANCE TO PROMULGATE RULES AND REGULATIONS FOR ADMINISTRATION OF THIS ACT; TO AUTHORIZE CERTAIN LOAN CHARGES BY THE LICENSEE; TO PRESCRIBE CERTAIN TERMS OF THE LOAN CONTRACT; TO REQUIRE ALL BORROWER CONTRACTS AND RECORDS OF THE LICENSEE TO BE OPEN TO THE INSPECTION OF THE COMMISSIONER OR HIS DULY AUTHORIZED REPRESENTATIVES; TO PROVIDE THAT CERTAIN FINANCE CHARGES CONTRACTED FOR OR RECEIVED IN EXCESS OF THAT AUTHORIZED BY THIS ACT SHALL BE FORFEITED AND MAY BE RECOVERED; AND FOR RELATED PURPOSES.

In the House of Representatives

• Mary H. Coleman

  Sponsor

l9n doesn't hold this bill's text yet.

In the House of Representatives Feb 20 – Mar 6

1. Feb 20Referred to the House committees on Banking and Financial Services and on Appropriations
2. Mar 6Died in committee in the House