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MS SB2543
Bill
AI Summary
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Increases the maximum loan amount for licensees from $4,000 to $5,100 under Section 75-67-181 of Mississippi Code.
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Allows licensees to charge a monthly finance charge not exceeding 59% annual percentage rate on loans of $5,100 or less, calculated using the actuarial method.
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Requires the Mississippi Department of Banking and Consumer Finance to issue an annual memo on or before July 1 of each year adjusting the maximum loan size based on the Consumer Price Index for All Urban Consumers (CPI-U).
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Annual adjustments to the loan cap apply any increase or decrease in the previous year's CPI-U to the current maximum loan size, rounded upward to the nearest $10 increment.
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Effective date is July 1, 2024.
Legislative Description
Consumer Alternative Installment Loan Act; create a cap adjustment based on the loan amount.
Last Action
Approved by Governor
4/18/2024