Mississippi Credit Laws
| INTEREST RATE | (Legal: 9%) |
Judgment interest amount in contract if no contract amount court decides. The general usury limit is more than 10%, or more than 5% above the federal reserve rate. There is no usury limit on commercial loans above $ 5,000. The judgment rate is 9% or a rate legally agreed upon in the underlying obligation. |
| STATUTE OF LIMITATIONS | (In Years) |
Open Acct: 3 - Written Contract 3 UCC: 6 - Domestic Judgment 7 - Foreign Judgment 7(3 if resident) |
| BAD CHECK LAWS | (Civil Penalty) |
On checks $100 or more - not more than $1000 fee + court may impose fee of no more than 85% of the check value. Criminal penalties & restitution apply. |
| GENERAL GARNISHMENT EXEMPTIONS | See federal law. | |
| HOMESTEAD EXEMPTION |
The Mississippi homestead exemption limit for those not widowed or over the age of 60 is $75,000. The property cannot exceed 160 acres. The proceeds of the homestead sale are exempt. A homestead declaration may be filed.
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ADDING FEES |
Any licensee under the provisions of the Small Loan Regulatory Law), and the Small Loan Privilege Tax may contract for and receive a default charge not to exceed five percent (5%) of that portion of an installment which continues unpaid for ten (10) days or more following the date such payment is due, including Sundays and holidays. In no case shall such default charge exceed five dollars ($5.00). Such default charge shall not be collected more than once on the same installment. For the purpose of this section, payments shall be applied first to current installments and then to delinquent installments |