Did not become law. It stopped in the House of Representatives's Banking and Financial Services Committee on February 23, 2016. The 2016 session has ended.
2016 Regular Session
House Bill 1512
MS Consumer Alternative Installment Loan Act; create.
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
Sponsor
Its course
February 8 to February 23, 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 action2 actions on 2 days
In the House of RepresentativesFeb 8 to Feb 23 · stopped15 days
Banking and Financial ServicesFeb 8 to Feb 23 · stopped15 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 8 – Feb 23
- Feb 8Referred to the House committee on Banking and Financial Services
- Feb 23Died in committee in the House
All 2 actions, as published
- Feb 8Referred To Banking and Financial ServicesHouse of Representatives
- Feb 23Died In CommitteeHouse of Representatives