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Mississippi Senate passes bill to grow vehicle title-lending

Mississippi Senate passes bill to grow vehicle 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 predatory financing.

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

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

Whitney Barkley associated with Center for Responsible Lending stated her post on Parks’ bill shows that it is another real option to trap Mississippians in a period of financial obligation.

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