Senate Bill 2270

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.

In the Senate

• Josh Harkins

  Sponsor

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

In the Senate Feb 5 – Mar 3

1. Feb 5Referred to the Senate committee on Business and Financial Institutions
2. Feb 17Reported from committee in the Senate: title sufficient, do pass as a committee substitute
3. Feb 26Tabled in the Senate, subject to being called up again
4. Mar 3Died on the calendar in the Senate