There is a newer version of the Mississippi Code
2015 Mississippi Code
Title 57 - PLANNING, RESEARCH AND DEVELOPMENT
Chapter 71 - MISSISSIPPI SMALL ENTERPRISE DEVELOPMENT FINANCE ACT
§ 57-71-17 - Default on loan; penalty
MS Code § 57-71-17 (2015) What's This?
In the event of a default, the Certified Development Company shall call upon the letter of credit guaranteeing the principal amount of the loan plus interest due.
Failure to comply with lending criteria shall result in a penalty which the company may establish by regulation, and penalties shall not be treated as interest income for the purposes of Section 148 of the Internal Revenue Code of 1986.
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