Sponsors: Gary Jackson

An Act To Create The “mississippi Alternative Loan Act”; To Define Certain Terms; To Prohibit Any Person From Engaging In The Business Of Lending Money, Except As Authorized By This Act; To Provide For Applications For A License For Such Loans; To Authorize Licensing Fees; To Provide For The Revocation Or Suspension Of Licenses By The Commissioner Of Banking And Consumer Finance; To Authorize An Examination Fee; To Provide Record Keeping Requirements; To Authorize The Commissioner Of Banking And Consumer Finance To Promulgate Rules And Regulations For Administration Of This Act; To Authorize Certain Loan Charges By The Licensee; To Prescribe Certain Terms Of The Loan Contract; To Require All Borrower Contracts And Records Of The Licensee To Be Open To The Inspection Of The Commissioner Or His Duly Authorized Representatives; To Provide That Certain Finance Charges Contracted For Or Received In Excess Of That Authorized By This Act Shall Be Forfeited And May Be Recovered; And For Related Purposes.