Bill > SB2495

This bill extends and modifies the Mississippi Credit Availability Act, which governs small-dollar lending in the state. Specifically, the bill extends the sunset (or repealer) date of the Act from July 1, 2026 to July 1, 2030, giving the law additional years of validity. The most significant change is increasing the maximum outstanding principal balance for credit availability accounts from $2,500 to $3,250. Starting in calendar year 2025, the Mississippi Department of Banking and Consumer Finance is required to annually adjust this maximum balance using the Consumer Price Index for All Urban Consumers (CPI-U), rounding the new amount up to the nearest $10 increment. This adjustment mechanism allows the maximum loan amount to potentially increase each year based on inflation. The bill also brings forward several existing sections of the law, which suggests the legislature is maintaining the overall structure of the Credit Availability Act while making these targeted updates. The changes aim to provide more flexibility for small-dollar lenders and account holders by incrementally increasing the available loan amount and providing a systematic way to adjust the cap over time. The bill is set to take effect on July 1, 2025.

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https://billstatus.ls.state.ms.us/2025/pdf/history/SB/SB2495.xml