MS SB2349

Allows small loan licensees to solicit and collect premiums for noncredit insurance policies on loans of $100 or more, provided the insurance is optional and underwritten by a Mississippi-qualified insurance company.

Requires licensee employees offering noncredit insurance to be properly licensed with the Department of Insurance as insurance producers and appointed by the insurance company.

Prohibits licensees from making noncredit insurance purchase a condition of loan approval or from conditioning current or future credit on insurance purchase agreement.

Permits borrowers to pay noncredit insurance costs with funds outside loan proceeds or have costs deducted from loan proceeds, with no limitations on insurance amounts under this provision.

Takes effect July 1, 2016.