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

HB 1450 amends Mississippi's Small Loan Regulatory Law to allow licensed small loan providers to charge a fee for "nonrecording insurance" instead of the actual cost of recording a loan document. This fee must not exceed the standard fee charged by the Secretary of State for filing a UCC-1 financing statement. The bill applies to loans of $100 or more and ensures borrowers aren't forced to purchase this insurance as a loan condition. It maintains that all insurance-related fees must be optional, with borrowers able to pay using non-loan funds or receive refunds within 30 days. The law does not change existing limits on insurance costs for loans under the original statute.