Legal Status
Legal - Applies to check cashers only
Citation
Miss. Code Ann. §§ 75-67-519
Loan Terms
Maximum Loan Amount: $500
Loan Term: 30 days (minimum 28 days if loan is between $250 and $500)
Maximum Finance Rate and Fees: Under $250: $20 per $100 advanced; $250-$500: $21.95 per $100 advanced
Finance Charge for 14-day $100 Loan: $20
APR for 14-day $100 Loan: 521%
Debt Limits
Maximum Number of Outstanding Loans at One Time: Max $500 in all checks. MS ST § 75-67-519(2)
Rollovers Permitted: None. Miss. Code Ann. §75-67-519
Collection Limits
Collection Fees: $30 NSF Fee
Criminal Action: Prohibited. Deceptive advertising of any kind is a violation of the statute.