Mississippi payday loan laws

Legal Status: Legal (Applies to check cashers only)

Citation: Miss. Code Ann. §§ 75-67-501 et seq.

Loan Terms:

Maximum Loan Amount: $500 face value of the check
Loan Term: Under $250: maximum of 30 days; $250-$500: 28-30 days
Maximum Finance Rate and Fees: Under $250: $20 per $100 advanced; $250-500: $21.95 per $100 advanced
Finance Charge for 14-day $100 loan: $20
APR for 14-day $100 loan: 520%

Debt Limits:

Maximum Number of Outstanding Loans at One Time: Not Specified. Maximum $500 in one or more checks.
Rollovers Permitted: None (cannot renew or otherwise extend)
Cooling-off Period:
Repayment Plan: Voluntary

Collection Limits:

Collection Fees: $30 NSF fee; Court-awarded fees (if disclosed)
Criminal Action: Prohibited (When check returned due to NSF)

Where to Complain, Get Information:
Regulator: Mississippi Department of Banking and Consumer Finance
Address: P.O. Box 12129 Jackson, MS 39236-2129
Phone: (601) 321-6901
Fax: (601) 321-6933

Sourced from paydayloaninfo.org

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