HB1427: Mississippi Credit Availability Act; extend repealer and revise and create cap adjustment based on the CPI-U.

Legislative Summary

An Act To Reenact Sections 75-67-601 Through 75-67-637, Mississippi Code Of 1972, Which Create The Mississippi Credit Availability Act; To Increase The Maximum Outstanding Principal Balance Of A Credit Availability Account From $2,500.00 To $3,250.00; To Direct The Department Of Banking And Consumer Finance To Issue A Memo Each Year Adjusting The Maximum Outstanding Principal Balance For Credit Availability Accounts And To Calculate Such Adjustment By Applying The United States Bureau Of Labor Statistics Consumer Price Index For All Urban Consumers (cpi-u) For The Previous Calendar Year To The Previous Maximum Outstanding Principal Balance And Rounding That Amount Upward To The Nearest $10.00 Increment; To Amend Section 75-67-639, Mississippi Code Of 1972, To Extend The Date Of The Repealer On Those Reenacted Sections; And For Related Purposes.