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MississippiSB 27122026 Regular SessionSenateWALLET

Small Loan Regulatory Law; authorize licensee to charge fee for nonrecording insurance in lieu of recording cost.

Sponsored By: Chris Johnson (Republican)

Signed by Governor

Judiciary ABusiness and Financial Institutions

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 0 benefits, 1 costs, 1 mixed.

What lenders can charge on small loans

Beginning July 1, 2026, on loans of $100 or more, lenders can bill you for certain costs. They can charge the actual recording fee, a reasonable attorney fee to check title, and premiums for property insurance. They can also charge for credit life, credit health and accident, or involuntary unemployment insurance, as long as coverage does not exceed the loan and premiums are customary. Instead of recording, they can charge a nonfiling/nonrecording insurance fee, but it cannot be more than the Secretary of State’s fee to file a UCC1 and a UCC3. These amounts are added to your loan or billed to you.

Optional add-ons for small-loan borrowers

Beginning July 1, 2026, after your loan is fully approved, the lender can offer an auto club membership. The offer must be in writing, marked as optional, and you must initial it. You may pay from other funds or have the cost taken from your loan. You can cancel within 30 days for a full refund if you used no services. For loans of $100 or more, lenders can also offer optional noncredit insurance filed with the Insurance Department and sold by licensed producers; buying it cannot be a condition of getting or extending the loan.

Sponsors & Cosponsors

Sponsor

  • Chris Johnson

    Republican • Senate

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 192 • No: 8

Senate vote • 3/13/2026

Concurred in Amend From House

Yes: 46 • No: 1

House vote • 3/10/2026

Passed As Amended

Yes: 99 • No: 5

Senate vote • 2/12/2026

Passed

Yes: 47 • No: 2 • Other: 3

Actions Timeline

  1. Approved by Governor

    3/25/2026legislature

  2. Enrolled Bill Signed

    3/18/2026House

  3. Enrolled Bill Signed

    3/18/2026Senate

  4. Concurred in Amend From House

    3/13/2026Senate

  5. Returned For Concurrence

    3/11/2026House

  6. Passed As Amended

    3/10/2026House

  7. Amended

    3/10/2026House

  8. Title Suff Do Pass As Amended

    3/3/2026House

  9. Referred To Judiciary A

    2/16/2026House

  10. Transmitted To House

    2/13/2026Senate

  11. Passed

    2/12/2026Senate

  12. Title Suff Do Pass

    2/2/2026Senate

  13. Referred To Business and Financial Institutions

    1/19/2026Senate

Bill Text

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