House Bill 1145

AN ACT TO CREATE THE MISSISSIPPI FLEXIBLE CREDIT ACT; TO AUTHORIZE LENDERS TO MAKE UNSECURED CONSUMER LOANS THAT ARE PRIMARILY FOR PERSONAL, FAMILY OR HOUSEHOLD PURPOSES WITH AN ORIGINAL PRINCIPAL AMOUNT THAT DOES NOT EXCEED TEN THOUSAND DOLLARS AND WITH AN ORIGINAL TERM THAT DOES NOT EXCEED SIXTY MONTHS; TO AUTHORIZE LENDERS TO PROVIDE UNSECURED CONSUMER LINES OF CREDIT THAT ARE PRIMARILY FOR PERSONAL, FAMILY OR HOUSEHOLD PURPOSES WITH AN ORIGINAL PRINCIPAL BALANCE THAT DOES NOT EXCEED TEN THOUSAND DOLLARS; TO REQUIRE LENDER TO MAKE CERTAIN DISCLOSURES TO THE CONSUMER AT OR BEFORE CONSUMMATION OF THE CONSUMER LOAN OR OPENING OF THE LINE OF CREDIT; TO AUTHORIZE A LENDER TO CHARGE A FINANCE CHARGE FOR A CONSUMER LOAN OR CONSUMER LINE OF CREDIT AT ANY RATE AGREED TO BY THE PARTIES; TO AUTHORIZE THE LENDER TO CHARGE AND COLLECT CERTAIN ADDITIONAL FEES AND CHARGES THAT ARE AGREED UPON BETWEEN THE LENDER AND THE BORROWER; TO PROVIDE THAT CERTAIN ACTIONS BY A LENDER ARE VIOLATIONS OF THIS ACT; TO AMEND SECTION 75-17-1, MISSISSIPPI CODE OF 1972, TO CONFORM TO THE PROVISIONS OF THIS ACT; AND FOR RELATED PURPOSES.

In the House of Representatives

• Lester Carpenter

  Sponsor

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

In the House of Representatives Feb 8 – Feb 23

1. Feb 8Referred to the House committee on Banking and Financial Services
2. Feb 23Died in committee in the House