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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 This material may not be published, broadcast, rewritten or redistributed.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 124 481 17,865
MORTGAGES 127 530 20,565
FORECLOSURE NOTICES 4 48 2,693
BUILDING PERMITS 195 891 36,836
BANKRUPTCIES 52 262 11,426
BUSINESS LICENSES 24 139 5,848
UTILITY CONNECTIONS 26 116 6,830
MARRIAGE LICENSES 26 133 4,049