MS HB1408

Extends the repeal date of provisions allowing small loan licensees to offer auto club memberships to borrowers from July 1, 2015 to July 1, 2018.

Requires licensees to inform borrowers in writing that auto club membership purchase is optional and not a condition of loan approval, with borrower acknowledgment required.

Allows borrowers to pay for auto club memberships with non-loan funds or have costs deducted from loan proceeds, with full refund available within 30 days if no services were used.

Directs the Commissioner of Banking and Consumer Finance to monitor auto club membership sales and report data to House and Senate committee chairs by January 1, 2009.

Takes effect July 1, 2015.