Bill Text: MS SB2359 | 2011 | Regular Session | Introduced

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Bill Title: Loans over a certain amount; borrower may skip one monthly payment per calendar year.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2011-02-01 - Died In Committee [SB2359 Detail]

Download: Mississippi-2011-SB2359-Introduced.html

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MISSISSIPPI LEGISLATURE

2011 Regular Session

To: Business and Financial Institutions

By: Senator(s) Butler (38th)

Senate Bill 2359

AN ACT TO PROVIDE THAT CERTAIN CONTRACTS, CREDIT SALES, OBLIGATIONS, OR OTHER EXTENSION OF CREDIT SHALL CONTAIN A PROVISION WHICH ALLOWS THE BORROWER OR DEBTOR TO CHOOSE ONE MONTH PER CALENDAR YEAR IN WHICH TO SKIP A PAYMENT; AND FOR RELATED PURPOSES.

     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

     SECTION 1.  Notwithstanding any provision of law to the contrary, any contract, credit sale, obligation, or other extension of credit, under which the principal balance to be repaid originally exceeds Two Thousand Dollars ($2,000.00) shall contain a provision which allows the borrower or debtor to choose one (1) month per calendar year in which to skip a payment in exchange for extending for one (1) month the term of such contract, credit sale, obligation or other extension of credit. 

     SECTION 2.  This act shall take effect and be in force from and after July 1, 2011.