MS HB1208

Creates the "Mississippi Alternative Loan Act" to regulate alternative lending for loans under $1,500, requiring lenders to obtain a license from the Commissioner of Banking and Consumer Finance.

Establishes licensing requirements including a $750 initial fee, $475 annual renewal fee, $10,000 bond, fingerprint background check, and minimum net worth of $20,000 for the first license.

Authorizes licensees to charge an acquisition fee up to 10% of principal plus monthly installment handling charges ($17 for loans $500-$800; $20 for loans $800-$1,500), with prepayment refunds available and late fees capped at $10 or 5% of payment.

Sets loan terms between 3-12 months with equal monthly payments of at least $40, prohibits liens on real estate except judgment liens, and requires clear loan contracts disclosing all charges and terms to borrowers.

Grants the Commissioner authority to examine licensees, revoke or suspend licenses for violations, and imposes penalties including fines, imprisonment, and civil penalties of up to $500 per violation; prohibits unlicensed lending under penalty of misdemeanor.