MS SB2628

Reenacts the Mississippi Credit Availability Act (Sections 75-67-601 through 75-67-639), which authorizes licensed lenders to offer fully amortized loans of $500 or less (4-6 month terms) or $500-$2,500 (6-12 month terms) with monthly handling fees up to 25% of the outstanding principal balance

Extends the repealer date for the Mississippi Credit Availability Act from July 1, 2022 to July 1, 2026

Removes the repealer on Section 75-67-403 (Title Pledge Act definitions) and Section 75-67-505 (Check Cashers Act licensing requirements), making these provisions permanent

Requires credit availability licensees to pay a $750 initial license fee and $475 annual renewal fee, maintain a $10,000 surety bond, and possess minimum net worth of $20,000 for the first license

Effective date of July 1, 2021