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Mississippi Senate passes bill to enhance automobile title-lending
The Mississippi Senate authorized installment-loan legislation Wednesday that supporters say creates options for cash-strapped borrowers but has opponents worrying 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 guarantee loans that are short-term available following the U.S. Consumer Financial Protection Bureau enacts sweeping brand brand new reforms, possibly as soon as this springtime.
Whitney Barkley regarding the Center for Responsible Lending stated her writeup on Parks’ bill shows that it is another real option to trap Mississippians in a cycle of financial obligation. Read more