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

Extended the repeal date of the Mississippi Credit Availability Act from July 1, 2030 to July 1, 2026

Increased the maximum outstanding principal balance from $2,500 to $3,250

Added automatic annual adjustment mechanism that ties maximum loan amounts to the Consumer Price Index (CPI-U), rounded up to the nearest $10

Introduced new origination fees of 1% of amount disbursed or $5, whichever is greater

Established late fees of 10% of past-due amount if not paid within 10 business days

Added default fees for collections, attorney fees, and repossession costs when accounts are in default for more than 60 days

Increased net worth requirement for license applicants from $20,000 to $50,000 for additional licenses

Added requirement for licensees to display consumer rights pamphlet in waiting areas

Added right for account holders to rescind transactions within one business day before accepting funds

Added new enforcement provisions including civil penalties up to $500 per violation and forfeiture of bonds for convicted licensees