MS SB2563

Amends Section 81-5-1 of the Mississippi Code to allow Mississippi chartered or domiciled banks to charge finance charges, credit service charges, and fees on open-end credit accounts at rates equal to or less than those permitted to out-of-state financial institutions operating in Mississippi under federal "most favored lender" doctrine.

Requires Mississippi banks utilizing these provisions to maintain documentation showing the rates and fees to be charged, the permitting state, and the identity of out-of-state financial institutions with Mississippi branches offering similar open-end credit accounts.

Defines "open-end credit account" as an arrangement allowing pre-authorized credit advances with repeated transactions contemplated, interest assessed on unpaid balances, and credit available up to a creditor-set limit.

Authorizes Mississippi banks to assess interest and fees in the same manner and method as permitted under the law of other states from which rates are adopted, regardless of whether such methods are material to interest rate determination.

Permits Mississippi banks to impose interest, finance charges, and fees from multiple out-of-state open-end credit accounts in connection with a single open-end credit account.

Takes effect July 1, 2018.