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

HB 761 caps the maximum interest rate that pawnbrokers, title pledge lenders, and check cashers can charge at 25% annually on the unpaid principal amount or check face value. This directly affects these businesses and their customers in Mississippi, limiting fees for services like pawn loans, title loans, and delayed check cashing. The bill requires clear disclosure of fees as dollar amounts and annual percentage rates in written agreements, and makes any charges exceeding 25% uncollectible. It also specifies that extended transactions must reduce the principal by 10% per extension without adding interest to the new balance.