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VOL. 126 | NO. 33 | Thursday, February 17, 2011

Miss. Senate Sends Payday Lending Bill to Governor

MOLLY DAVIS | Associated Press

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JACKSON, Miss. (AP) – The Mississippi Senate has passed the final version of a bill designed to reduce fees on payday loans, sending the legislation to the governor's desk.

Eight senators voted against the bill Wednesday. The House passed the bill Monday.

The bill would establish a tiered system of caps on fees for payday loans, based on the amount borrowed. The bill also requires lenders to provide borrowers with information on their loan, including the interest rates, the type of loan and state legal authorities.

Sen. Walter Michel, a Jackson Republican, says the bill would generate savings for Mississippi consumers.

The bill is House Bill 455.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 89 242 14,959
MORTGAGES 111 255 19,585
FORECLOSURE NOTICES 8 30 3,825
BUILDING PERMITS 0 359 35,689
BANKRUPTCIES 61 182 14,216
BUSINESS LICENSES 18 104 5,095
UTILITY CONNECTIONS 76 246 21,679
MARRIAGE LICENSES 16 75 4,632

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