Rule detail : 250914

MS LEG Credit Availability Cap Adjusted

Published on: Apr 16, 2025

On Mar. 12, MS LEG enacted bill on credit availability, cap adjustment.

MS LEG enacted SB 2495 related to amendment on credit availability, cap adjustment.
Amended Mississippi Code of 1972 by repealing MS LEG 75-67-13-639, MS LEG 75-67-13-619, MS LEG 75-67-13-601, MS LEG 75-67-13-603, and MS LEG 75-67-13-605.
Also, MS LEG 75-67-13-607, MS LEG 75-67-13-609, MS LEG 75-67-13-611, MS LEG 75-67-13-613, MS LEG 75-67-13-615, MS LEG 75-67-13-617, MS LEG 75-67-13-621.
Document dated Mar. 12, 2025, was received on Apr. 15, 2025, due to a fixed feed.
Legislative Provisions
Increase max outstanding principal balance of credit availability acct $2,500 to $3,250.
Directed Dept. of banking and consumer finance (MS BANK) to issue a memo each year adjusting maximum outstanding principal balance for credit availability accounts.
Beginning calendar year 2025, each subsequent year, on, before Jul. 1 of following yr.
Calculated by applying US Bureau of Labor statistics Consumer price index for urban consumers (CPI-U) for prior year to previous max outstanding principal balance.
Legislative History
On Jan. 20, 2025, bill introduced into Senate; on Feb. 6, 2025, bill passed the Senate.
On Feb. 10, 2025, bill introduced in the House; on Mar. 5, 2025, bill passed the House.
On Mar. 7, 2025, Senate, House signed; on Mar. 12, 2025, approved by the governor.
Effectiveness
Act takes effect and be in force from and after Jul. 1, 2025.

Regulators

MS LEG

Entity Types

Bank; CU; Thrift

Reference

Bill, SB2495, 3/12/2025; Citation: *MS LEG* 75-67-13-639, 75-67-13-619, 75-67-13-601, 75-67-13-603, 75-67-13-605, 75-67-13-607, 75-67-13-609, 75-67-13-611, 75-67-13-613, 75-67-13-615, 75-67-13-617, 75-67-13-621;

Functions

Compliance; Financial; Legal; Registration/Licensing

Countries

United States of America