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HB 761

Pawnbrokers, title pledge lenders and check cashers; reduce maximum rate of interest that may be charged for services.

2026 Regular Session Introduced by Bob Evans

HB 761 reduces maximum interest rates pawnbrokers, title lenders, and check cashers can charge, aiming to lower costs for low-income borrowers in Mississippi.

Referred To Banking and Financial Services
#bankingandfinancialservices
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WeVote Research Nonpartisan
Bill Summary · HB 761

Legislative bill overview

HB 761 would reduce the maximum interest rates that pawnbrokers, title pledge lenders, and check cashers can charge customers in Mississippi. The bill directly caps the fees and interest these financial service providers are permitted to charge for their services.

Why is this important

These alternative financial services disproportionately serve low-income and unbanked populations who lack access to traditional banking. Reducing allowable rates could lower costs for vulnerable borrowers, though it may also affect service availability and business viability in underserved areas.

Potential points of contention

  • Industry viability concerns: Lenders may argue that rate caps make operations unprofitable, particularly in rural areas, potentially reducing service availability
  • Consumer protection vs. market access trade-off: Lower rates help borrowers but might cause lenders to exit the market entirely or reduce lending volume to riskier borrowers
  • Definition of "maximum rate": The bill text doesn't specify what the new caps would be, raising questions about whether reductions are modest or severe and how they compare to neighboring states

Compiled from official sources — confirm details with the bill’s official record.

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