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MS SB2949
Bill
AI Summary
- Extends the repeal date for provisions allowing small loan licensees to offer borrowers auto club memberships from July 1, 2010 to July 1, 2015
- Requires licensees to inform borrowers in writing that auto club membership purchase is optional and not a condition of loan approval
- Allows borrowers to pay for auto club memberships with funds outside loan proceeds or have costs deducted from loan proceeds
- Permits borrowers to cancel auto club memberships within 30 days for full refund if no services have been used
- Directs the Commissioner of Banking and Consumer Finance to monitor and report auto club membership purchases to legislative committees
Legislative Description
Auto club memberships; extend repealer on authority of small loan licensees to sell to borrowers.
Last Action
Approved by Governor
4/14/2010
Full Bill Text
No bill text available