Mississippi HB1219 allows licensees to charge a fee for nonrecording insurance instead of the recording cost on loans of $100 or more.
Mississippi HB1219 amends the Small Loan Regulatory Law to authorize licensees to charge borrowers a fee for nonrecording insurance in place of the actual recording cost for loans of $100 or more. The fee for nonrecording insurance cannot exceed the fee charged by the Secretary of State to file a Mississippi Financing Statement Form UCC1. The bill also allows licensees to charge for credit life, health, accident, and involuntary unemployment insurance premiums, provided these are optional and filed with the Department of Insurance.
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