House Bill 1062

AN ACT TO AMEND SECTION 75-67-313, MISSISSIPPI CODE OF 1972, TO AUTHORIZE 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 the fees charged by a third party processing company for the use of a debit or credit card. Pawnbrokers may pass the third party processing company's fees on to the customer, if the pawnbroker provides clear and conspicuous notice to all customers that such fees will be applied to debit and credit card transactions. Such notice must be provided before the customer completes the transaction and must include:

(i) The amount of the fee;

(ii) That the fee is for the use of an alternate payment method; and

(iii) The type of payment methods to which the fee applies.

(c) The amount of the fee identified in the provisions of subsection (1)(b) shall be limited to the single transaction cost charged by the third party processor to the pawnbroker for the use of a credit or debit card.

(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.