MS SB2270

Creates the Mississippi Consumer Alternative Installment Loan Act, allowing licensed small loan lenders to offer consumer installment loans up to $4,000 at an alternative annual percentage rate of up to 59%, instead of existing tiered rates (36% on first $1,000, 33% on $1,000-$2,500, 24% on $2,500-$5,000)

Requires loans under the new alternative rate structure to have minimum terms of 272 days with at least 9 monthly payments, and prohibits lenders from making loans where monthly payments exceed 22.5% of the borrower's gross monthly income

Prohibits lenders from conditioning credit on repayment by preauthorized electronic fund transfers or post-dated checks, and bars accepting post-dated checks within 20 days of loan origination

Excludes charges, fees, or premiums for voluntarily purchased credit insurance and auto club memberships from the calculation of maximum finance charges allowed under state law

Grants the Commissioner of Banking and Consumer Finance authority to adopt rules, investigate compliance, and issue cease-and-desist orders for violations, with an effective date of July 1, 2016