Pawns are non-recourse, meaning that a pawn transaction doesn’t perpetuate the cycle of debt and is not predatory. Pawns never impact a consumer’s credit score, and the transaction is governed by over a dozen federal plus state and local laws. For many consumers, pawns are an essential lifeline for unexpected expenses.
Pawnshops are regulated at the Federal, State, and Local Levels. In the state of Mississippi, pawnshops are regulated by the Department of Banking and Consumer Finance.
Click here to read a copy of the Mississippi Pawn Law.