MISSISSIPPI LEGISLATURE
2022 Regular Session
To: Banking and Financial Services
By: Representative Aguirre
AN ACT TO AMEND SECTION 75-67-181, MISSISSIPPI CODE OF 1972, TO AUTHORIZE A LICENSEE TO CONTRACT AND CHARGE A MONTHLY FINANCE CHARGE OF THIRTY-SIX PERCENT PER ANNUM ON THE UNPAID BALANCE OF THE AMOUNT FINANCED ON LOANS OF MORE THAN FOUR THOUSAND DOLLARS, BUT NOT MORE THAN TEN THOUSAND DOLLARS AND TO CONTRACT AND CHARGE A MONTHLY FINANCE CHARGE OF TWENTY-ONE PERCENT PER ANNUM ON THE UNPAID BALANCE ON THE AMOUNT FINANCED IF THE LOAN IS MORE THAN TEN THOUSAND DOLLARS, IN LIEU OF CERTAIN INTEREST AND CHARGES; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 75-67-181, Mississippi Code of 1972, is amended as follows:
75-67-181. (1) In lieu of the interest and charges in Section 75-17-21, on loans of Four Thousand Dollars ($4,000.00) or less, a licensee may contract and charge a monthly finance charge not to exceed an annual percentage rate, calculated according to the actuarial method, of fifty-nine percent (59%) per annum on the unpaid balance of the amount financed.
(2) In lieu of the interest and charges in Section 75-17-21, on loans of more than Four Thousand Dollars ($4,000.00), a licensee to contract and charge a monthly finance charge not to exceed an annual percentage rate, calculated according to the actuarial method per the following schedule:
(a) Thirty-six percent (36%) per annum on the unpaid balance of the amount financed, on loans of more than Four Thousand Dollars ($4,000.00), but not more than Ten Thousand Dollars ($10,000.00); and
(b) Twenty-one percent (21%) per annum on the unpaid balance on the amount financed, if the loan is more than Ten Thousand Dollars ($10,000.00).
SECTION 2. This act shall take effect and be in force from and after July 1, 2022.