2012 Regular Session
To: Business and Financial Institutions
By: Senator(s) Butler (38th)
AN ACT TO PROVIDE THAT CERTAIN CONTRACTS, CREDIT SALES, OBLIGATIONS, OR OTHER EXTENSION OF CREDIT SHALL CONTAIN A PROVISION WHICH ALLOWS THE BORROWER OR DEBTOR TO CHOOSE ONE MONTH PER CALENDAR YEAR IN WHICH TO SKIP A PAYMENT; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Notwithstanding any provision of law to the contrary, any contract, credit sale, obligation, or other extension of credit, under which the principal balance to be repaid originally exceeds Two Thousand Dollars ($2,000.00), shall contain a provision which allows the borrower or debtor to choose one (1) month per calendar year in which to skip a payment in exchange for extending for one (1) month the term of such contract, credit sale, obligation or other extension of credit.
SECTION 2. This act shall take effect and be in force from and after July 1, 2012.