Mississippi lawmakers green light changes to short term bill

The much-debated short term lending bill moving through the Mississippi state House of Representatives was approved for further changes, according to the Jackson Clarion Ledger. Lawmakers reached a compromise on the bill, which received a great amount of scrutiny from opponents within the House and the public. Under its current format, the bill would give further life to Mississippi's short term lending industry for another 2 1/2 years. To settle consumer angst, the interest rate ceiling on loans was lowered from 572 percent, though the final figure has yet to be determined. Though the bill has its opponents, its supporters, including state Representative David Norquist, told the paper the bill provides financial security for lower-income citizens who may need money in an emergency situation. "It's really no different than the fees being charged on a checking account when you overdraft your account," Norquist said. The bill, which gained favor in a 76-43 vote, placed a cap of $20 for every $100 of checks issued, up to $250. Meanwhile, for loans greater than $250, the maximum fee is $21.95 per $100 - unchanged from the current regulations. However, the window to pay back larger loans was extended to 28 to 30 days, up from 14 days.