Mississippi 2024 Regular Session

Mississippi Senate Bill SB2382

Introduced
2/12/24  
Refer
2/12/24  
Engrossed
3/8/24  
Refer
3/14/24  
Enrolled
4/8/24  

Caption

Pawnbrokers; allow to pass credit or debit card processing charges to customers.

Impact

The implementation of SB 2382 will have a significant impact on both consumers and pawnbrokers in Mississippi. For consumers, this means they could incur additional charges when using credit or debit cards for pawn transactions, potentially raising their overall costs. For pawnbrokers, the ability to pass these fees on could enhance profit margins by minimizing losses from processing fees. The amendment is poised to reshape economic interactions within the pawnbroker sector, specifically regarding payment processing.

Summary

Senate Bill 2382 aims to amend Mississippi Code Section 75-67-313 to permit pawnbrokers to pass on credit and debit card processing fees to customers. This change means that when customers make payments via debit or credit cards, pawnbrokers can directly charge them for the transaction fees incurred from third-party processors. The bill requires that pawnbrokers provide clear notification about such charges to their customers at both the entrance and point of sale, ensuring transparency in the transaction process.

Sentiment

Sentiment surrounding SB 2382 appears mixed. Supporters of the bill argue that it reflects necessary adjustments to keep pace with rising processing fees and allows pawnbrokers to maintain their business viability. They contend that it promotes fairness by enabling service providers to cover costs associated with card transactions. Conversely, critics express concerns about the added financial burden on vulnerable consumers who may rely on pawnbrokers for financial services, highlighting the need for consumer protection measures.

Contention

Notable points of contention arise from the implications of passing processing fees to customers, particularly regarding transparency and consumer rights. Opponents warn that this could lead to predatory practices where customers unknowingly incur high charges due to lack of clear communication. Additionally, the bill's stipulation for clear and conspicuous notice aims to mitigate these concerns, yet its effectiveness will likely depend on the enforcement of these requirements and the willingness of pawnbrokers to comply fully.

Companion Bills

No companion bills found.

Previously Filed As

MS HB716

Pawnbrokers, title pledge lenders and check cashers; reduce maximum rate of interest that they may charge for their services.

MS SB2699

Sales tax; revise definition of "installation charges" to exclude labor services in connection with residential roofing.

MS SB2669

Counties and municipalities; prohibit surcharge on certain payments by credit or debit cards.

MS SB2402

Business and financial institutions; disallow 2% charge for ad valorem tax when paying with a debit card.

MS SB2449

Sales and use taxes; specify for computer software services and products delivered electronically in Mississippi.

MS HB504

Sales tax; revise definition of "installation charges" to exclude labor services in connection with residential roofing.

MS HB1669

Sales tax; revise defintion of "gross proceeds of sales" and "installation charges" and exempt certain services.

MS HB968

Sales tax and use tax; revise provisions regarding computer software, computer software service and computer service.

MS HB986

Transportation; allow public and private partnerships to establish electric vehicle charging stations.

MS HB1173

EEF procurement cards; authorize issuance to eligible charter school teachers.

Similar Bills

MS HB1220

Bona fide proof of ownership; provide that certain transactions shall include.

MS HB514

Pawnbrokers; remove the requirement of on-premises retention of purchased goods.

MS HB1021

Pawnbrokers; authorize Commissioner of Banking to establish by rule a process allowing certain purchased and/or pledged goods to be stored off premises.

MS HB389

Pawnbrokers; remove the requirement of on-premises retention of purchased goods.

MS SB2381

Pawnbrokers; remove the requirement of on-premises retention of purchased goods.

MS HB1062

Pawnbrokers; authorize to pass credit and debit card processing charges to customers.

MS HB515

Pawnbrokers; allow to pass credit or debit card processing charges to customers.

MS HB716

Pawnbrokers, title pledge lenders and check cashers; reduce maximum rate of interest that they may charge for their services.