Bill Text: MS SB2543 | 2024 | Regular Session | Enrolled
Bill Title: Consumer Alternative Installment Loan Act; create a cap adjustment based on the loan amount.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2024-04-18 - Approved by Governor [SB2543 Detail]
Download: Mississippi-2024-SB2543-Enrolled.html
MISSISSIPPI LEGISLATURE
2024 Regular Session
To: Business and Financial Institutions
By: Senator(s) Sparks
Senate Bill 2543
(As Sent to Governor)
AN ACT TO AMEND SECTION 75-67-181, MISSISSIPPI CODE OF 1972, TO CREATE A CAP ADJUSTMENT UTILIZING THE UNITED STATES BUREAU OF LABOR STATISTICS CONSUMER PRICE INDEX FOR ALL URBAN CONSUMERS
FOR LICENSEES TO IMPLEMENT BASED ON THE LOAN AMOUNT; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 75-67-181, Mississippi Code of 1972, is amended as follows:
75-67-181. (1) In
lieu of the interest and charges in Section 75-17-21, on loans of * * * Five Thousand
One Hundred Dollars ($5,100.00) or less, a licensee may contract and charge
a monthly finance charge not to exceed an annual percentage rate, calculated
according to the actuarial method, of fifty-nine percent (59%) per annum on the
unpaid balance of the amount financed.
(2) Beginning with calendar year 2024 and for each subsequent calendar year, on or before July 1 of the following year, the Mississippi Department of Banking and Consumer Finance will issue a memo authorizing a new maximum loan size permitted under this section. The new amount will be calculated by applying any increase or decrease in the United States Bureau of Labor Statistics Consumer Price Index for All Urban Consumers (CPI-U) for the previous calendar year to the previous maximum loan size and rounding that amount upward to the nearest Ten Dollar ($10.00) increment.
SECTION 2. This act shall take effect and be in force from and after July 1, 2024.
