l9n/ Mississippi

2016 Regular Session

House Bill 1511

MS Consumer Alternative Installment Loan Act; create.

Became law as Chapter 301, Laws of 2016, signed March 14, 2016, 35 days after it was filed.

What it does

The synopsis the Legislature published with the bill.

AN ACT TO BE KNOWN AS THE MISSISSIPPI CONSUMER ALTERNATIVE INSTALLMENT LOAN ACT; TO PROHIBIT ENGAGING IN THE BUSINESS OF MAKING CONSUMER INSTALLMENT LOANS AND CHARGING OR CONTRACTING FOR INTEREST ON THOSE LOANS WITHOUT APPROVAL FROM THE COMMISSIONER OF BANKING AND CONSUMER FINANCE; TO PROVIDE THAT THE COMMISSIONER OF BANKING AND CONSUMER FINANCE SHALL NOT UNREASONABLY WITHHOLD APPROVAL OF ANY PERSON, PARTNERSHIP, ASSOCIATION, LIMITED LIABILITY COMPANY OR CORPORATION WHO HAS MET CERTAIN REQUIREMENTS; 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 AUTHORIZE THE COMMISSIONER OF BANKING AND CONSUMER FINANCE TO ADOPT RULES AND REGULATIONS NECESSARY FOR THE ENFORCEMENT OF THIS ACT; TO PROVIDE CERTAIN LIABILITY PROTECTIONS TO LICENSEES; TO CREATE NEW SECTION 75-67-123, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT FOR PURPOSES OF COMPLIANCE WITH MAXIMUM CHARGES PERMITTED UNDER CERTAIN PROVISIONS OF 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 SECTIONS 75-17-21, 75-17-25 AND 75-67-119, MISSISSIPPI CODE OF 1972, IN CONFORMITY THERETO; 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

Its course

February 8 to March 14, 2016, 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 action12 actions on 10 days

In the House of RepresentativesFeb 8 to Feb 1810 days

Banking and Financial ServicesFeb 8 to Feb 168 days

In the SenateFeb 18 to Mar 213 days

Business and Financial InstitutionsFeb 29 to Mar 11 day

With the GovernorMar 2 to Mar 1412 days

Amendments

Each amendment offered, and what became of it.

  • House of Representatives committee amendmentAdopted

    Adopted Feb 18

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 8 – Feb 18

  1. Feb 8Referred to the House committee on Banking and Financial Services
  2. Feb 16Reported from committee in the House: title sufficient, do pass as amended
  3. Feb 18Amended in the House
  4. Passed the House as amended

In the Senate Feb 22 – Mar 2

  1. Feb 22Sent to the Senate
  2. Feb 29Referred to the Senate committee on Business and Financial Institutions
  3. Mar 1Reported from committee in the Senate: title sufficient, do pass
  4. Mar 2Passed the Senate

To the Governor Mar 3 – Mar 14

  1. Mar 3Returned to the House for enrolling
  2. Mar 7Enrolled bill signed in the House
  3. Enrolled bill signed in the Senate
  4. Mar 14Approved by the Governor
All 12 actions, as published
  1. Feb 8Referred To Banking and Financial ServicesHouse of Representatives
  2. Feb 16Title Suff Do Pass As AmendedHouse of Representatives
  3. Feb 18AmendedHouse of Representatives
  4. Feb 18Passed As AmendedHouse of Representatives
  5. Feb 22Transmitted To SenateHouse of Representatives
  6. Feb 29Referred To Business and Financial InstitutionsSenate
  7. Mar 1Title Suff Do PassSenate
  8. Mar 2PassedSenate
  9. Mar 3Returned For EnrollingSenate
  10. Mar 7Enrolled Bill SignedHouse of Representatives
  11. Mar 7Enrolled Bill SignedSenate
  12. Mar 14Approved by GovernorGovernor