The Mississippi Senate authorized installment-loan legislation Wednesday that supporters say creates options for cash-strapped borrowers but has opponents stressing it expands predatory lending.
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 after the U.S. customer Financial Protection Bureau enacts sweeping brand new reforms, possibly as soon as this springtime.
Whitney Barkley of this Center for Responsible Lending stated her summary of ParksвЂ™ bill shows that it is another real method to trap Mississippians in a period of debt. Comparable bills ‘re going through State homes across the national nation, she stated.