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

SB 2712 allows Mississippi small loan lenders to charge borrowers a fee for nonrecording insurance instead of the actual cost of recording a security document for a loan. The fee cannot exceed the standard filing fee for a financing statement (UCC1 form) charged by the Secretary of State. This applies to loans of $100 or more, and lenders must clearly disclose that the insurance is optional and not required for loan approval. Borrowers can choose this fee-based option without affecting their loan terms or eligibility.