MS SB2409

Creates the "Mississippi Credit Availability Act" establishing a licensing requirement for persons offering credit availability transactions (fully amortized loans of 4-12 months with $500-$2,500 outstanding principal limits).

Requires applicants to obtain a license from the Mississippi Commissioner of Banking and Consumer Finance, submit a $10,000 bond, demonstrate $20,000 net worth for the first license, and pay initial license fee of $750 plus annual renewal fee of $475.

Authorizes licensees to charge monthly handling fees up to 25% of outstanding principal balance plus a 1% origination fee (minimum $5), with additional late fees (10% of past-due amount after 10 business days) and default collection costs clearly disclosed in writing to account holders.

Prohibits unlicensed operation with criminal penalty of up to $1,000 fine and one year jail time, plus civil penalty of up to $25 per day of unlicensed operation; authorizes Commissioner to suspend or revoke licenses for violations.

Amends existing code sections to remove prohibition on conducting non-pledge business at title pledge offices and to authorize credit availability transactions as an additional function at check cashing businesses; act sunsets July 1, 2018.