2020 Mississippi Code
Title 75 - Regulation of Trade, Commerce and Investments
Chapter 24 - Regulation of Business for Consumer Protection
Mississippi Rental-Purchase Agreement Act
§ 75-24-161. Provisions not permitted in rental-purchase agreements

Universal Citation: MS Code § 75-24-161 (2020)

A rental-purchase agreement may not contain:

A confession of judgment;

A negotiable instrument;

A security interest or any other claim of a property interest in any property except that property delivered by the lessor pursuant to the rental-purchase agreement;

A wage assignment;

A waiver by the consumer of claims or defenses;

A provision authorizing the lessor or a person acting on the lessor's behalf to enter upon the consumer's premises without permission or to commit any breach of the peace in the repossession of property;

A provision for a late charge or any other type of charge or penalty for reinstating a rental-purchase agreement in addition to a reinstatement fee; however, a lessor may use the term "late charge" or a similar term to refer to a reinstatement fee; or

A provision for more than one (1) reinstatement fee on any one (1) periodic payment regardless of the period of time for which it remains unpaid.

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