MISSISSIPPI LEGISLATURE
2022 Regular Session
To: Business and Financial Institutions
By: Senator(s) Caughman
AN ACT TO AMEND SECTION 75-67-181, MISSISSIPPI CODE OF 1972, TO AUTHORIZE A SMALL LOAN LICENSEE TO CONTRACT AND CHARGE A FINANCE CHARGE IN LIEU OF INTEREST AND CHARGES ON CERTAIN LOANS UNDER THE MISSISSIPPI CONSUMER ALTERNATIVE INSTALLMENT LOAN ACT; 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), but not more than Ten Thousand Dollars ($10,000.00), a licensee may contract and charge a monthly finance charge not to exceed an annual percentage rate, calculated according to the actuarial method, of thirty-six percent (36%) per annum on the unpaid balance of the amount financed.
(3) In lieu of the interest and charges in Section 75-17-21, on loans of more than Ten Thousand Dollars ($10,000.00), a licensee may contract and charge a monthly finance charge not to exceed an annual percentage rate, calculated according to the actuarial method, of twenty-one percent (21%) per annum on the unpaid balance of the amount financed.
SECTION 2. This act shall take effect and be in force from and after July 1, 2022.