MS HB811

Reenacts sections 75-67-601 through 75-67-637 (Mississippi Credit Availability Act), establishing licensing requirements and regulations for credit availability lenders offering fully amortized loans of $500-$2,500 with 4-12 month terms.

Sets licensing fees at $750 initial and $475 annual renewal, with applicants required to post $10,000 bonds, maintain minimum $20,000 net worth for first license, and comply with Commissioner of Banking and Consumer Finance oversight.

Permits licensees to charge monthly handling fees up to 25% of outstanding principal balance, origination fees of 1% or $5 (whichever is greater), and late fees of 10% on past-due amounts after 10 business days.

Reenacts sections 75-67-403 and 75-67-505 defining terms and licensing requirements for title pledge lenders and check cashers, and creates new section 75-67-639 to extend the repeal date of these provisions from 2018 to July 1, 2022.

Repeals Chapter 500, Laws of 2016 that originally scheduled repeal of these lending regulations, effectively preserving Mississippi's credit availability, title pledge, and check casher licensing framework through 2022.