SB2712

Mississippi SB2712 allows small loan licensees to charge a fee for nonrecording insurance instead of the recording cost.

Mississippi SB2712 amends the Small Loan Regulatory Law to authorize licensees to charge a fee for nonfiling or nonrecording insurance on loans of $100 or more. This fee can replace the actual cost of recording an instrument as security for the loan. The fee cannot exceed the amount charged by the Secretary of State to file a Mississippi Financing Statement Form UCC1. The bill also allows licensees to offer borrowers the option to purchase an auto club membership, with the cost of the membership either deducted from the loan proceeds or paid separately.