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Bill > SB2712
MS SB2712
MS SB2712Small Loan Regulatory Law; authorize licensee to charge fee for nonrecording insurance in lieu of recording cost.
summary
Introduced
01/19/2026
01/19/2026
In Committee
02/16/2026
02/16/2026
Crossed Over
02/12/2026
02/12/2026
Passed
Dead
Introduced Session
2026 Regular Session
Bill Summary
An Act To Amend Section 75-67-121, Mississippi Code Of 1972, To Authorize A Licensee Under The Small Loan Regulatory Law To Charge A Fee For The Purchase Of Nonfiling Or Nonrecording Insurance In Lieu Of The Actual Cost Of Recording An Instrument Executed As Security For A Loan; And For Related Purposes.
AI Summary
This bill amends the Small Loan Regulatory Law in Mississippi to allow lenders, or "licensees," to charge a fee for nonfiling or nonrecording insurance instead of the actual cost of recording a loan security instrument. Nonfiling or nonrecording insurance is a type of insurance that protects the lender if they fail to properly file or record the security instrument, which could otherwise jeopardize their claim to the collateral. This new provision aims to simplify the process for lenders and potentially reduce costs associated with recording fees, with the fee for this insurance capped at the amount charged by the Secretary of State to file a financing statement, commonly known as a UCC1 form.
Committee Categories
Business and Industry, Justice
Sponsors (1)
Last Action
Title Suff Do Pass As Amended (on 03/03/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://billstatus.ls.state.ms.us/2026/pdf/history/SB/SB2712.xml |
| BillText | https://billstatus.ls.state.ms.us/documents/2026/html/SB/2700-2799/SB2712PS.htm |
| BillText | https://billstatus.ls.state.ms.us/documents/2026/html/SB/2700-2799/SB2712IN.htm |
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