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MS HB1422
Bill
Status
2/5/2013
Primary Sponsor
Bob Evans
Click for details
AI Summary
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Amends Mississippi Code sections 75-67-313, 75-67-413, and 75-67-519 to cap service charges for pawnbrokers, title pledge lenders, and check cashers at an annual percentage rate of 25% per annum.
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Pawnbrokers may charge a maximum pawnshop charge of 25% annual percentage rate on the principal amount advanced that remains unpaid, with any excess charges deemed uncollectible and voiding the transaction.
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Title pledge lenders may charge a maximum title pledge service charge of 25% annual percentage rate on the principal amount advanced that remains unpaid, with similar voiding provisions for excess charges.
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Check cashers may charge a maximum fee of 25% annual percentage rate on the face amount of delayed deposit checks (limited to $500 maximum), replacing the previous fee structure of $20-$21.95 per $100 advanced.
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The act takes effect July 1, 2013.
Legislative Description
Pawnbrokers, title pledge lenders and check cashers; reduce maximum rate of interest that they may charge for their services.
Last Action
Died In Committee
2/5/2013