In the state of Mississippi, it has been reported that Governor Haley Barbour recently passed legislative changes that will impact the way payday lending companies operate while giving these types of companies at least three more years to conduct business in the state.
The latest bill was signed on Thursday and replaces a law that would have expired in 2012. Now, payday lenders do not have to shut down operations in Mississippi and this type of lending will be allowed to continue within the state.
Senator Walter Michael said, "This time, it was the will of the Legislature that the consumers get reduced fees." He also commented, "The bill that was passed will enable about 3,000 jobs to remain intact."
With the new law, consumers will have up to 30 days to repay the loans and fees are capped at $20 for every $100 borrowed up to $250. The state's lawmakers said that by extending the time to repay loans, consumers will incur reduced annual percentage rate fees.
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