Payday loan laws in Mississippi
Status: Legal (Miss. Code Ann. §§ 75-67-501 et seq.)
For Lenders
Lending specifications:
- Maximum loan amount: $500
- Loan tenure: Below $250: 30 days max.; $250-$500: 28-30 days
- Fees and finance charges: Below $250=$20 per $100 borrowed; $250-500=$21.95 per $100 borrowed
- Finance charge on a 14-day $100 loan: $20
- APR on 14-day $100 loan: 520%
Collection restrictions:
- Collection fees: NSF fee + court-awarded fees (if disclosed)
- Criminal procedures: Prohibited
For Borrowers
Debt limits:
- Maximum no. of outstanding loans at a time: Not specified
- Rollovers allowed: None
Complaint cell:
- Regulator: Mississippi Department of Banking and Consumer Finance
- Address: 501 N. West Street; 901 Woolfolk Building Suite A; P.O. Box 23729; Jackson, MS 39225-3729
- Phone: 601-359-1031
- Fax: 601-359-3557
- Regulatory contact: Brever McCallum, Administrative Assistant, Consumer Finance Division
- Website: http://www.dbcf.state.ms.us/
- File Complaint: http://www.dbcf.state.ms.us/complaints.asp
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Please consult a qualified attorney for advice on your specific situation.
Updated on:
