House Bill 515

AN ACT TO AMEND SECTION 75-67-313, MISSISSIPPI CODE OF 1972, TO ALLOW PAWNBROKERS TO PASS CREDIT AND DEBIT CARD PROCESSING CHARGES TO THE CUSTOMERS; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. Section 75-67-313, Mississippi Code of 1972, is amended as follows:

75-67-313. (1) (a) A pawnbroker may contract for and receive a pawnshop charge in lieu of interest or other charges for all services, expenses, cost and losses of every nature not to exceed twenty-five percent (25%) of the principal amount, per month, advanced in the pawn transaction.

(b) The provisions of subsection (1)(a) shall not include fees resulting from a credit or debit card being used and a bank or card processing company charging a fee for the use of a card. Pawnbrokers shall be allowed to pass all the card processing company's fees on to the customer.

(2) Any interest, charge, or fees contracted for or received, directly or indirectly, in excess of the amount permitted under subsection (1) of this section shall be uncollectible and the pawn transaction shall void. The pawnshop charge allowed under subsection (1) of this section shall be deemed earned, due and * * * ~~owing~~ owed as of the date of the pawn transaction and a like sum shall be deemed earned, due and * * * ~~owing~~ owed on the same day of the succeeding month.

SECTION 2. This act shall take effect and be in force from and after July 1, 2024.