Mississippi Code 1972 (2024)
Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-99-7)
Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639)
Article 4 - MISSISSIPPI CONSUMER ALTERNATIVE INSTALLMENT LOAN ACT (§§ 75-67-175 — 75-67-185)
Section 75-67-181 - Finance charge in lieu of interest on certain loans - Annual memo authorizing maximum loan size - Method for calculation]

• (1) In lieu of the interest and charges in Section 75-17-21, on loans of Five Thousand One Hundred Dollars ($5,100.00) or less, a licensee may contract and charge a monthly finance charge not to exceed an annual percentage rate, calculated according to the actuarial method, of fifty-nine percent (59%) per annum on the unpaid balance of the amount financed.

• (2) Beginning with calendar year 2024 and for each subsequent calendar year, on or before July 1 of the following year, the Mississippi Department of Banking and Consumer Finance will issue a memo authorizing a new maximum loan size permitted under this section. The new amount will be calculated by applying any increase or decrease in the United States Bureau of Labor Statistics Consumer Price Index for All Urban Consumers (CPI-U) for the previous calendar year to the previous maximum loan size and rounding that amount upward to the nearest Ten Dollar ($10.00) increment.

Amended by Laws, 2024, ch. 377, SB 2543,§ 1, eff. 7/1/2024.

Added by Laws, 2016, ch. 301, HB 1511, 4, eff. 7/1/2016.