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Mississippi Senate passes bill to grow automobile title-lending

Mississippi Senate passes bill to grow automobile title-lending

The Mississippi Senate authorized installment-loan legislation Wednesday that supporters say creates options for cash-strapped borrowers but has opponents worrying it expands predatory financing.

The bill, SB2409, won passage on a 38-11 vote.

Supporters of legislation authored by Sen. Rita Potts Parks, chairwoman for the company and Financial Institutions Committee, tout it in an effort to guarantee loans that are short-term available following the U.S.Read More »Mississippi Senate passes bill to grow automobile title-lending