Senate Bill 2543

AN ACT TO AMEND SECTION 75-67-181, MISSISSIPPI CODE OF 1972, TO CREATE A CAP ADJUSTMENT UTILIZING THE CONSUMER PRICE INDEX FOR LICENSEES TO IMPLEMENT BASED ON THE LOAN AMOUNT; AND FOR RELATED PURPOSES.

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

SECTION 1. Section 75-67-181, Mississippi Code of 1972, is amended as follows:

75-67-181. (1) In lieu of the interest and charges in Section 75-17-21, on loans of Four Thousand Dollars ($4,000.00) or less, a licensee may contract and charge a monthly finance charge not to exceed an annual percentage rate, calculated according to the actuarial method, of fifty-nine percent (59%) per annum on the unpaid balance of the amount financed.

(2) On July 1, 2024, the Mississippi Department of Banking will issue a memo authorizing a new maximum loan size permitted under this section. The new amount will be calculated by applying any increase or decrease in the consumer price index from July 1, 2016, to December 31, 2023. For each subsequent calendar year, on or before July 1, the Mississippi Department of Banking and Consumer Finance will issue a memo authorizing a new maximum loan size permitted under this section. The new amount will be calculated by applying any increase or decrease in the consumer price index for the previous calendar year to the previous maximum loan size.

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