MS SB2900

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

Prohibits any person from making, offering, or arranging loans of $3,000 or less outside of exempted financial institutions (banks, credit unions, small loan companies, pawnbrokers, and tax refund anticipation loans).

Establishes criminal penalties of up to 1 year imprisonment and/or $5,000 fine for violations, with each loan transaction counted as a separate violation; subsequent convictions after three prior violations become felonies punishable by up to 5 years imprisonment and/or $10,000 fine.

Allows borrowers and the state to pursue civil actions recovering three times the amount of interest or charges, with courts authorized to review entire loan transactions to identify schemes designed to evade the law.

Declares payday lending business locations public nuisances and repeals the Mississippi Title Pledge Act and Mississippi Check Cashers Act; takes effect July 1, 2012.