l9n/ Mississippi

2012 Regular Session

House Bill 1396

Consumer Installment Loan Act; create.

Did not become law. It stopped in the Senate's Business and Financial Institutions Committee on April 3, 2012. The 2012 session has ended.

What it does

The synopsis the Legislature published with the bill.

AN ACT TO BE KNOWN AS THE MISSISSIPPI CONSUMER 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 THIS ACT DOES NOT SUPERSEDE CERTAIN OTHER LENDING LAWS; 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 THE COMMISSIONER OF BANKING AND CONSUMER FINANCE SHALL ADMINISTER 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 AMEND SECTION 75-67-121, 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; AND FOR RELATED PURPOSES.

Sponsors

Who carried the bill in each chamber, and who signed on. Each name leads to the member's page.

In the House of Representatives

1 co-sponsor

George Flaggs, Jr.

Its course

February 20 to April 3, 2012, on one scale. In the top row each mark is a day something happened; taller marks are busier days.

Each committee stop sits inside its chamber.

Every action9 actions on 8 days

In the House of RepresentativesFeb 20 to Mar 1322 days

Banking and Financial ServicesFeb 20 to Feb 288 days

In the SenateMar 13 to Apr 3 · stopped21 days

Business and Financial InstitutionsMar 22 to Apr 3 · stopped12 days

Text

Each version as the Legislature printed it.

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

What happened

In l9n's words, one line for each step. Every action as the Legislature published it is below.

In the House of Representatives Feb 20 – Mar 13

  1. Feb 20Referred to the House committee on Banking and Financial Services
  2. Feb 28Reported from committee in the House: title sufficient, do pass as a committee substitute
  3. Mar 8Committee substitute adopted in the House
  4. Mar 13Passed the House

In the Senate Mar 13 – Apr 3

  1. Mar 13Motion in the House to reconsider entered (Flaggs, Zuber and Carpenter)
  2. Mar 15Motion in the House to reconsider tabled
  3. Mar 19Sent to the Senate
  4. Mar 22Referred to the Senate committee on Business and Financial Institutions
  5. Apr 3Died in committee in the Senate
All 9 actions, as published
  1. Feb 20Referred To Banking and Financial ServicesHouse of Representatives
  2. Feb 28Title Suff Do Pass Comm SubHouse of Representatives
  3. Mar 8Committee Substitute AdoptedHouse of Representatives
  4. Mar 13PassedHouse of Representatives
  5. Mar 13Motion to Reconsider Entered (Flaggs, Zuber, Carpenter)House of Representatives
  6. Mar 15Motion to Reconsider TabledHouse of Representatives
  7. Mar 19Transmitted To SenateHouse of Representatives
  8. Mar 22Referred To Business and Financial InstitutionsSenate
  9. Apr 3Died In CommitteeSenate