2016 Mississippi Code
Title 81 - Banks and Financial Institutions
Chapter 13 - Credit Unions
§ 81-13-39. Authority to lend or invest funds; interest rates
A credit union may lend to its members at reasonable rates of interest, which shall not exceed one and three-fourths percent (1- 3/4%) per month, computed on unpaid balances, or invest the funds accumulated as herein provided. Fines and penalties shall not be considered as interest. A charge of Ten Dollars ($ 10.00) in lieu of interest may be made on any loan payable in a single payment, and a charge of Fifteen Dollars ($ 15.00) in lieu of interest may be made on any loan payable in installments.
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