Small Loan Regulatory Law; authorize licensee to charge fee for nonrecording insurance in lieu of recording cost.

HB 1219 modifies Mississippi's Small Loan Regulatory Law to allow small loan licensees (for loans of $100+), who typically charge borrowers for recording security instruments, to instead charge a fee for "nonrecording insurance" instead of the actual recording cost. The fee cannot exceed the standard charge the Secretary of State levies for filing a financing statement (Mississippi Financing Statement Form UCC1). This change directly affects small loan borrowers by altering how they pay for securing their loans, while maintaining that licensees cannot require insurance as a loan condition. The bill also includes separate provisions about optional auto club memberships and noncredit insurance, but the core change centers on replacing recording fees with this capped insurance fee.