Fees will not increase on small loans
Published: April 4,2013
JACKSON — Mississippi lawmakers are rejecting a plan to raise fees on loans between $500 and $4,000.
On a voice vote, House members rejected Senate Bill 2571, with opponents saying it was immoral to raise interest rates on hard-up borrowers.
House members technically sent the bill back for more negotiations, but senators didn’t act, killing the bill.
Proponents said loan companies could lose profits from selling credit life insurance and other add-ons if the new federal Consumer Financial Protection Bureau restricts sales of such products. They argued loan companies need to replace that income, and said even those fees would be less expensive than interest rates charged by payday lenders.
The bill would have allowed fees equal to annual interest rates of up to 99 percent on loans, $500 to $4,000.
To sign up for Mississippi Business Daily Updates, click here.
Mississippi Economic Council
Mississippi Chambers of Commerce
Mississippi State Legislature
Mississippi Development Authority
Mississippi Economic Development Council
North Mississippi News
Social Security Disability Lawyer
Auto Accidents Lawyer
Top Posts & Pages
- Aluminum company rumored for Columbus: 'clock' is for website, not plant site
- Shale oil: market correction or longterm direction?
- Miss. surgeon sentenced in tax evasion case
- MBJ exclusive: Jackson’s new airport CEO fulfills desire to taking on the top job
- WILLOUGHBY: Mayo Flynt leads AT&T Mississippi by enjoying both work and workers
- MARTIN WILLOUGHBY: Gary Herring building tomorrow by educating today
- 'Blue Economy' important for Mississippi's future
- J.McLaughlin to open in Highland Village next spring
- Hyatt-Place is Columbus’ newest hotel option