MS HB1512

Establishes the Mississippi Consumer Alternative Installment Loan Act allowing licensed lenders to charge up to 59% annual percentage rate (APR) on consumer installment loans of $4,000 or less, as an alternative to existing Small Loan Regulatory Law rates.

Requires lenders to obtain approval from the Commissioner of Banking and Consumer Finance and comply with Small Loan Regulatory Law licensing requirements to make loans under this act.

Mandates loans be fully amortizing with minimum 9 substantially equal monthly payments over at least 272 days, prohibits payments exceeding 22.5% of borrower's gross monthly income, and requires income documentation.

Grants lenders liability protections when acting in conformity with rules and regulations of the Commissioner or other state/federal agencies, even if those interpretations are later determined invalid.

Excludes charges for voluntarily purchased credit insurance and auto club memberships from finance charge calculations and requires specific borrower disclosures about regulatory oversight and complaint procedures; effective July 1, 2016.