Bill Text | History of Actions | Background | Title |
Description: Title pledge lenders; revise various provisions of law regulating.
Bill Text: [Introduced]
| 1 | 02/21/00 | (H) | Referred To Banks and Banking | |
| 2 | 03/07/00 | (H) | Died In Committee |
| Effective date | July 1, 2000 | |
| Disposition | Dead | |
| Deadline | General Bill/Constitutional Amendment | |
| Revenue | No | |
| 3/5ths vote required | Yes |
House Committee:
Principal Author: Fleming
Code Sections: A 075-0067-0403, A 075-0067-0405, A 075-0067-0409, A 075-0067-0411, A 075-0067-0413, A 075-0067-0419, A 075-0067-0421, A 075-0067-0435
Title: AN ACT TO AMEND SECTION 75-67-403, MISSISSIPPI CODE OF 1972, TO AUTHORIZE A TITLE PLEDGE LENDER TO ENCUMBER THE TITLE AS PART OF THE TITLE PLEDGE TRANSACTION BY PERFECTING ITS SECURITY INTEREST IN THE TITLED PROPERTY; TO DEFINE THE TERM "RECORDS/DOCUMENTS" FOR THE PURPOSES OF THE TITLE PLEDGE ACT; TO AMEND SECTION 75-67-405, MISSISSIPPI CODE OF 1972, TO DIRECT THE COMMISSIONER OF BANKING AND CONSUMER FINANCE TO ENSURE THAT ALL TITLE PLEDGE TRANSACTION FORMS ARE WRITTEN IN CLEAR, CONCISE AND NONTECHNICAL LANGUAGE THAT CAN BE READILY UNDERSTOOD BY LAYPERSONS, AND THAT THE PROVISIONS OF THE TITLE PLEDGE AGREEMENT ON THE TRANSACTION FORMS ARE IN A FORMAT THAT IS EASILY READABLE; TO REQUIRE CERTAIN INFORMATION ON THE TRANSACTION FORMS TO BE PROMINENTLY DISPLAYED IN RED COLOR, WITH A BOLDED FONT AND A LETTER SIZE THAT IS SIGNIFICANTLY LARGER THAN OTHER PROVISIONS ON THE FORM; TO REQUIRE THE TRANSACTION FORMS TO CONTAIN LANGUAGE NEAR THE CENTER OF THE FORM IN RED COLOR, WITH A BOLDED FONT AND THE LARGEST LETTER SIZE USED ON THE FORM, WARNING THE PLEDGOR THAT IF HE DOES NOT REPAY THE FULL AMOUNT THAT HE OWES WITHIN THE TIME ALLOWED, HE WILL RISK LOSING THE OWNERSHIP OF HIS CAR; TO AMEND SECTION 75-67-409, MISSISSIPPI CODE OF 1972, TO REQUIRE TITLE PLEDGE LENDERS TO MAINTAIN RECORDS CONTAINING A COMPLETE PAYMENT HISTORY OF EACH CUSTOMER; TO AMEND SECTION 75-67-411, MISSISSIPPI CODE OF 1972, TO AUTHORIZE A PLEDGOR IN A TITLE PLEDGE AGREEMENT TO REDEEM THE PLEDGED PROPERTY WITHIN 72 HOURS AFTER THE TITLE PLEDGE LENDER HAS TAKEN POSSESSION OF THE PROPERTY; TO PROVIDE THAT IF THE LENDER SELLS THE PROPERTY AFTER THE 72-HOUR PERIOD, THE LENDER SHALL RETURN TO THE PLEDGOR ANY AMOUNT RECEIVED FROM THE SALE ABOVE THE AMOUNT NEEDED TO REDEEM THE PROPERTY; TO AMEND SECTION 75-67-413, MISSISSIPPI CODE OF 1972, TO REDUCE THE AMOUNT OF THE TITLE PLEDGE SERVICE CHARGE FROM 25% TO 16% PER MONTH; TO REQUIRE A PLEDGOR TO REDUCE THE PRINCIPAL AMOUNT FINANCED BY AT LEAST 10% BEGINNING WITH THE FIRST EXTENSION OR CONTINUATION, RATHER THAN BEGINNING WITH THE THIRD; TO PROVIDE THAT ANY ADDITIONAL PAYMENT OF FUNDS ON THE SAME PLEDGED PROPERTY MUST BE EVIDENCED BY A SEPARATE TITLE PLEDGE AGREEMENT; TO PROHIBIT A TITLE PLEDGE LENDER FROM ADVANCING FUNDS TO A PLEDGOR TO PAY OFF AN EXISTING TITLE PLEDGE AGREEMENT; TO AMEND SECTION 75-67-419, MISSISSIPPI CODE OF 1972, TO REVISE THE FEE FOR A TITLE PLEDGE LENDER LICENSE; TO AMEND SECTION 75-67-421, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT THE INITIAL APPLICATION AND BOND FOR A TITLE PLEDGE LENDER LICENSE SHALL BE FILED WITH THE COMMISSIONER OF BANKING, INSTEAD OF THE LOCAL AUTHORITIES; TO REQUIRE THE DEPARTMENT OF BANKING AND CONSUMER FINANCE TO CHECK WITH LOCAL LAW ENFORCEMENT AGENCIES IN THE COUNTY IN WHICH THE TITLE PLEDGE OFFICE IS TO BE LOCATED TO HELP DETERMINE THE SUITABILITY OF THE APPLICANT TO RECEIVE A LICENSE; TO AMEND SECTION 75-67-435, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE COMMISSIONER OF BANKING TO CHARGE TITLE PLEDGE LICENSEES AN EXAMINATION FEE; TO CREATE A NEW CODE SECTION TO BE CODIFIED WITHIN ARTICLE 9 OF CHAPTER 67 OF TITLE 75, MISSISSIPPI CODE OF 1972, TO PROHIBIT LICENSEES UNDER THE TITLE PLEDGE ACT FROM ADVERTISING, DISPLAYING OR PUBLISHING ANY STATEMENT OR REPRESENTATION THAT IS FALSE, MISLEADING OR DECEPTIVE; TO CREATE A NEW CODE SECTION TO BE CODIFIED WITHIN ARTICLE 9 OF CHAPTER 67 OF TITLE 75, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE COMMISSIONER OF BANKING TO EXAMINE PERSONS REASONABLY SUSPECTED OF CONDUCTING BUSINESS WHICH REQUIRES A LICENSE UNDER THE TITLE PLEDGE LOAN ACT; AND FOR RELATED PURPOSES.
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