SB2495: Mississippi Credit Availability Act; extend repealer, revise and create cap adjustment based on the CPI-U.

Legislative Summary

An Act To Amend Section 75-67-639, Mississippi Code Of 1972, To Extend The Date Of The Repealer On The Mississippi Credit Availability Act; To Amend Section 75-67-619, Mississippi Code Of 1972, 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 Bring Forward Sections 75-67-601 Through 75-67-617, And 75-67-621 Through 75-67-637, Mississippi Code Of 1972, For The Purpose Of Possible Amendment; And For Related Purposes.