Mississippi HB761 reduces maximum interest rates for pawnbrokers, title pledge lenders, and check cashers.
Mississippi HB761 amends the Mississippi Code to limit the maximum interest rates that pawnbrokers, title pledge lenders, and check cashers can charge. Pawnbrokers and title pledge lenders are restricted to an annual percentage rate of 25% on the principal amount that remains unpaid. Check cashers are limited to an annual percentage rate of 25% on the face amount of the check. The bill also includes provisions for delayed deposit transactions, requiring written agreements and limiting fees. The changes are set to take effect from July 1, 2026.
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