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MS HB1219

Bill

Official Source

Status

Failed

3/11/2026

Primary Sponsor

Joey Hood

Click for details

Origin

House of Representatives

2026 Regular Session

AI Summary

  • Licensees under Mississippi's Small Loan Regulatory Law may charge borrowers a fee for nonfiling or nonrecording insurance instead of the actual cost of recording a security instrument
  • The nonrecording insurance fee cannot exceed the amount charged by the Secretary of State to file an initial financing statement (UCC1 form)
  • Applies to loans of $100 or more where licensees currently charge for recording instruments, title investigation, property insurance premiums, and credit life/health/accident insurance
  • The Commissioner of Banking and Consumer Finance retains authority to adopt rules preventing abuse and excessive charges under this section
  • Effective date: July 1, 2026

Legislative Description

Small Loan Regulatory Law; authorize licensee to charge fee for nonrecording insurance in lieu of recording cost.

Last Action

Died On Calendar

3/11/2026

Committee Referrals

Business and Financial Institutions2/18/2026
Banking and Financial Services1/19/2026

Full Bill Text

No bill text available