March 16, 2016 10:29:45 AM
JACKSON -- Mississippi Gov. Phil Bryant has signed a bill that revises the state's regulation of small loan companies.
He signed House Bill 1511 on Monday, and it will become law July 1.
It will allow small loan companies to make loans of up to $4,000 at a 59 percent yearly interest rate.
Because loan-origination fees and early interest repayment are likely abolished by the federal government, the effective interest rate on small loans will stay the same, even though the current face value of the interest rate is 36 percent.
Another bill that would change provisions covering payday lenders and title pawn lenders, Senate Bill 2409, has passed the Senate and is awaiting consideration in the House.
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