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MS SB2495

Bill

Official Source

Status

Passed

3/12/2025

Primary Sponsor

Rita Potts Parks

Click for details

Origin

Senate

2025 Regular Session

AI Summary

  • Extends the repeal date of the Mississippi Credit Availability Act from July 1, 2026 to July 1, 2030
  • Increases the maximum outstanding principal balance for credit availability accounts from $2,500 to $3,250
  • Requires the Department of Banking and Consumer Finance to issue an annual memo each July 1 adjusting the maximum principal balance based on the previous year's Consumer Price Index for All Urban Consumers (CPI-U), rounded upward to the nearest $10 increment
  • Brings forward existing sections 75-67-601 through 75-67-637 of the Mississippi Code governing credit availability licensees, including licensing requirements, fees, disclosures, and enforcement provisions
  • Takes effect July 1, 2025

Legislative Description

Mississippi Credit Availability Act; extend repealer, revise and create cap adjustment based on the CPI-U.

Last Action

Approved by Governor

3/12/2025

Committee Referrals

Banking and Financial Services2/10/2025
Business and Financial Institutions1/20/2025

Full Bill Text

No bill text available