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Mississippi Cash Lenders
Mississippi Payday loan laws. Mississippi Payday loan legislation.
Mississippi has specific payday advance laws. The permitted fee is 18 % of the face amount of the payday loan amount. The permitted time period is a maximum of 30 days.
The maximum amount of the payday loan allowable is $400.00. Rollovers are prohibited.
Legal Status: Legal (Applies to check cashers only)
Citation:
Miss. Code Ann. ยง 75-67-501 et seq.
Loan Terms:
Maximum Loan Amount: $400
Loan Term: Max: 30 days
Maximum Finance Rate and Fees: 18% of check
Finance Charge for 14-day $100 loan: $22
APR for 14-day $100 loan: 572%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: None (cannot renew or otherwise extend)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: NSF fee; Court-awarded fees (if disclosed)
Criminal Action: Prohibited (When check returned due to NSF)
Regulator: Mississippi Department of Banking and Consumer Finance
Address: 901 Woolfolk Building, Suite A 501 N. West Street Jackson MS 39201
Phone: (601) 359-1031
Fax: (601) 359-3557
Regulatory Contact: Ronny Harrison,, Chief Examiner, Consumer Finance Division
Regulator Website