MISSISSIPPI LEGISLATURE
2016 Regular Session
To: Banking and Financial Services
By: Representative Eure
AN ACT TO AMEND SECTION 75-67-109, MISSISSIPPI CODE OF 1972, TO PROHIBIT A LICENSEE UNDER THE SMALL LOAN REGULATORY LAW FROM OFFERING OR GIVING TO A BORROWER OR PROSPECTIVE BORROWER ANY PREMIUM OF ANY SORT, WHETHER BY CASH, CHECK OR GOODS OR MERCHANDISE, AS AN INDUCEMENT TO THE MAKING OF A LOAN IF SUCH PREMIUM AMOUNT IS CHARGED DIRECTLY OR INDIRECTLY, TO THE BORROWER OR PROSPECTIVE BORROWER; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 75-67-109, Mississippi Code of 1972, is amended as follows:
75-67-109. It shall be a violation of this article for any licensee to advertise, print, display, publish, broadcast or permit to be advertised, printed, displayed, published or broadcast, in any manner whatsoever, any statement or representation with regard to rates, terms or conditions of lending money or for arranging, negotiating, procuring, or guaranteeing any loan or loans for any person which is false, misleading or deceptive. It shall also be a violation of this article for any licensee to offer or give to any borrower or prospective borrower any premium of any sort, whether by cash, check or goods or merchandise as an inducement to the making, brokering or renegotiation of any loan if such premium amount is charged directly or indirectly, to the borrower or prospective borrower.
SECTION 2. This act shall take effect and be in force from and after July 1, 2016.