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MS SB2346
Bill
Status
4/6/2016
Primary Sponsor
Rita Potts Parks
Click for details
AI Summary
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Amends Mississippi Code Section 75-67-109 to clarify when small loan licensees can offer premiums to borrowers or prospective borrowers as loan incentives.
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Prohibits offering premiums (cash, check, goods, or merchandise) only if the premium amount is charged directly or indirectly to the borrower or prospective borrower.
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Allows licensees to offer premiums at no cost to the borrower if prior notification is provided to the commissioner in the form recommended by the commissioner.
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Maintains existing prohibitions on false, misleading, or deceptive advertising regarding loan rates, terms, or conditions.
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Effective date: July 1, 2016.
Legislative Description
Small loan licensee; revise the prohibition on giving a premium to prospective borrower as inducement to make a loan.
Last Action
Approved by Governor
4/6/2016