Payday bill awaits Gov. Bryant’s signature
Mississippi lawmakers may never have to debate payday loan interest rates again.
The state Senate gave final approval Friday to House Bill 559, which deletes the requirement that lawmakers periodically renew authorization for the loans. The bill passed the Senate 31-13 and goes to Gov. Phil Bryant for his consideration. It would become law immediately.
At Mississippi payday lenders, borrowers can get short-term loans by writing checks that cover the amount borrowed, plus fees. State law gives borrowers 30 days to repay loans, capping fees at $20 for every $100 borrowed up to $250. For amounts $251 to $500, a lender can charge $21.95 per $100 borrowed. That’s a maximum 574 percent interest rate for a two-week loan.
Gulf Live
