MS SB2666

Declares payday lending, deferred presentment services, and advance cash services illegal in Mississippi and strengthens penalties for engaging in such activities.

Prohibits any person from making, offering, arranging, or facilitating loans of $3,000 or less unless conducted through exempt entities including banks, credit unions, small loan companies, pawnbrokers, or as tax refund anticipation loans.

Establishes criminal penalties of up to one year imprisonment and $5,000 fine for violations, with repeat offenders (three prior convictions) facing felony charges punishable by up to five years imprisonment and $10,000 fine.

Allows borrowers to pursue civil actions for three times the amount of interest or charges collected, and permits the state to collect civil penalties of three times the interest or charges through the Attorney General or district attorneys.

Declares payday lending locations public nuisances and repeals the Mississippi Title Pledge Act and Mississippi Check Cashers Act; effective July 1, 2011.