Mississippi House Bill 1161 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Failed on February 2 2010 - 100% progression
Action: 2010-02-02 - Died In Committee
Text: Latest bill text (Introduced) [HTML]

An Act To Create The "mississippi Alternative Loan Act"; To Define Certain Terms; To Prohibit Any Person From Engaging In The Business Of Lending Money, Except As Authorized By This Act; To Provide For Applications For A License For Such Loans; To Authorize Licensing Fees; To Provide For The Revocation Or Suspension Of Licenses By The Commissioner Of Banking And Consumer Finance; To Authorize An Examination Fee; To Provide Record Keeping Requirements; To Authorize The Commissioner Of Banking And Consumer Finance To Promulgate Rules And Regulations For Administration Of This Act; To Authorize Certain Loan Charges By The Licensee; To Prescribe Certain Terms Of The Loan Contract; To Require All Borrower Contracts And Records Of The Licensee To Be Open To The Inspection Of The Commissioner Or His Duly Authorized Representatives; To Provide That Certain Finance Charges Contracted For Or Received In Excess Of That Authorized By This Act Shall Be Forfeited And May Be Recovered; And For Related Purposes.

Loans; create Mississippi Alternative Loan Act.

Rep. Brad Mayo [R]

Date	Chamber	Action
2010-02-02		Died In Committee
2010-01-18		Referred To Banking and Financial Services

Type	Source
Summary	https://billstatus.ls.state.ms.us/2010/pdf/history/HB/HB1161.xml
Text	https://billstatus.ls.state.ms.us/documents/2010/html/HB/1100-1199/HB1161IN.htm