MS HB1075

Reenacts sections 75-67-601 through 75-67-637 (Mississippi Credit Availability Act) establishing licensing and regulatory requirements for credit availability lenders under the Mississippi Department of Banking and Consumer Finance.

Allows credit availability licensees to charge monthly handling fees up to 25% of outstanding principal balance plus origination fees of 1% of amount disbursed or $5.00 (whichever is greater), with maximum account balances of $500 for shorter-term loans and $2,500 for longer-term loans.

Extends the repealer date for the Credit Availability Act from July 1, 2022 to July 1, 2026, and removes the repealer entirely for the Title Pledge Act (Section 75-67-403) and Check Cashers Act (Section 75-67-505).

Requires credit availability licensees to obtain a $10,000 surety bond or deposit, pay initial license fees of $750 and annual renewal fees of $475, maintain separate books and records, and provide written disclosure of all fees and charges to consumers.

Establishes penalties for unlicensed operation including misdemeanor charges up to $1,000 fine or one year jail time, and allows the Commissioner to suspend, revoke, or conditionally license businesses for violations.