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MS HB1377
Bill
Status
4/2/2024
Primary Sponsor
Shane Aguirre
Click for details
AI Summary
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Requires the Mississippi Department of Banking and Consumer Finance to issue a memo on July 1, 2024, and annually thereafter authorizing a new maximum loan amount for small loans.
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The initial July 1, 2024 maximum loan amount shall be calculated by applying any increase or decrease in the U.S. Consumer Price Index (CPI-U) from July 1, 2016, to December 31, 2023, to the existing maximum loan amount.
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For subsequent calendar years, the department shall calculate new maximum loan amounts by applying the previous calendar year's CPI-U change to the previous year's maximum loan amount.
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Maintains existing authority for licensees to charge up to 59% annual percentage rate (APR) on loans of $4,000 or less, calculated using the actuarial method.
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Takes effect upon passage.
Legislative Description
MS Consumer Alternative Installment Loan Act; require Dept.of Banking to issue memo authorizing new maximum loan amount and revise amount calculation.
Last Action
Died In Committee
4/2/2024