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MS SB3006
Bill
AI Summary
- Declares payday lending, deferred presentment services, advance cash services, and similar activities illegal in Mississippi and strengthens penalties for engaging in these practices
- Prohibits any person from making, offering, arranging, or acting as agent for loans of $3,000 or less except through permitted entities including banks, credit unions, small loan companies, pawnbrokers, and tax refund anticipation loans
- Establishes criminal penalties of up to one year imprisonment and/or $5,000 fine for violations (misdemeanor); becomes felony punishable by up to five years imprisonment and/or $10,000 fine after three prior convictions
- Allows civil actions by borrowers for three times any interest or charges paid, with attorney fees awarded in successful cases; allows civil penalties of three times charges recovered by Attorney General, district attorneys, or private parties
- Declares payday lending business locations public nuisances and repeals existing Mississippi Title Pledge Act and Check Cashers Act; effective July 1, 2010
Legislative Description
Payday lending; prohibit activities of/declare public nuisance.
Last Action
Died In Committee
2/2/2010
Full Bill Text
No bill text available