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Mississippi Senate passes bill to grow automobile title-lending

Mississippi Senate passes bill to grow automobile title-lending

The Mississippi Senate authorized installment-loan legislation Wednesday that supporters say creates options for cash-strapped borrowers but has opponents stressing it expands lending that is predatory.

The bill, SB2409, won passage on a 38-11 vote.

Supporters of legislation authored by Sen. Rita Potts Parks, chairwoman for the company and Financial Institutions Committee, tout it in an effort to make sure loans that are short-term available following the U.S. customer Financial Protection Bureau enacts sweeping brand new reforms, possibly as soon as this springtime.

Whitney Barkley associated with Center for Responsible Lending stated her report about Parks’ bill shows that it is another method to trap Mississippians in a period of financial obligation. Comparable bills are getting through State homes across the nation, she said.

“This could be the nationwide pay day loan industry wanting to produce this installment loan item with pay day loan costs,” said Barkley, an insurance plan counsel utilizing the center and previous staff lawyer using the Mississippi Center for Justice. Continue reading ‚Mississippi Senate passes bill to grow automobile title-lending‘