Bill Text | History of Actions | Background | Title |
Description: Title pledge lenders; prescribe content of transaction form and reduce service charge percentage.
Bill Text: [Introduced]
| 1 | 01/03 (H) Referred To Banking and Financial Services | |
| 2 | 01/31 (H) Died In Committee |
| Effective date | July 1, 2006 | |
| Disposition | Dead | |
| Deadline | General Bill/Constitutional Amendment | |
| Revenue | No | |
| Vote type required | Majority |
House Committee:
Principal Author: Fleming
Code Sections: A 075-0067-0405, A 075-0067-0407, A 075-0067-0413
Title: AN 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 AMEND SECTION 75-67-407, MISSISSIPPI CODE OF 1972, 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 75-67-413, MISSISSIPPI CODE OF 1972, TO REDUCE THE AMOUNT OF THE TITLE PLEDGE SERVICE CHARGE FROM 25% TO 20% PER MONTH; AND FOR RELATED PURPOSES.
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2006/html/History/HB/HB0051.htm