reglab/statecodes huggingface dataset:
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 65 - GOING OUT OF BUSINESS SALES; UNSOLICITED GOODS (§§ 75-65-1 — 75-65-101) › GOING OUT OF BUSINESS SALES (§§ 75-65-1 — 75-65-17) › Section 75-65-15 - Chancery court may enjoin violations

Upon complaint of any person, the applicable chancery court shall have jurisdiction in equity to restrain and enjoin any act forbidden or declared illegal by any provisions of Sections
75-65-1
through
75-65-17
.
Codes, 1942, § 5152-08; Laws, 1966, ch. 392, § 8, eff. 7/1/1966.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 65 - GOING OUT OF BUSINESS SALES; UNSOLICITED GOODS (§§ 75-65-1 — 75-65-101) › GOING OUT OF BUSINESS SALES (§§ 75-65-1 — 75-65-17) › Section 75-65-17 - Waiver of provisions of law

Provided, however, that the governing authorities of any county or municipality as the case may be are authorized herein to waive the entire provisions of Sections
75-65-1
through
75-65-17
in the case of any person upon a showing of facts to the satisfaction of said governing authorities that said person is for any cause actually and legitimately going out of business or conducting a sale of goods, wares or merchandise damaged by fire, smoke or otherwise. The governing authorities may likewise rescind any such waiver granted when in its opinion the applicant is no longer entitled to the privileges of the waiver previously granted.
Codes, 1942, § 5152-09; Laws, 1966, ch. 392, § 9, eff. 7/1/1966.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 65 - GOING OUT OF BUSINESS SALES; UNSOLICITED GOODS (§§ 75-65-1 — 75-65-101) › UNSOLICITED GOODS (§ 75-65-101) › Section 75-65-101 - Offering goods for sale by unsolicited sending prohibited; unconditional gift to recipient

No person, firm, partnership, association or corporation, or agent or employee thereof, shall in any manner or by any means offer for sale goods, wares or merchandise where the offer includes the voluntary and unsolicited sending of goods, wares or merchandise not actually ordered or requested by the recipient, either orally or in writing. The receipt of any such unsolicited goods, wares or merchandise shall for all purposes be deemed an unconditional gift to the recipient who may use or dispose of the same in any manner he sees fit without any obligation on his part to the sender.
Codes, 1942, § 278.7; Laws, 1970, ch, 350, § 1, eff. 3/4/1970.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 66 - HOME SOLICITATION SALES (§§ 75-66-1 — 75-66-11) › Section 75-66-1 - Definitions

(1)
"Home solicitation sale" means a consumer credit sale of goods or services in which the seller or person acting for him engages in a personal solicitation of the sale at a residence of the buyer and the buyer's agreement or offer to purchase is there given to the seller or a person acting for him. It does not include a sale made pursuant to a preexisting revolving charge account, or a preexisting installment account allowing a series of sales, or a sale made pursuant to prior negotiations between the parties at a business establishment at a fixed location where goods or services are offered or exhibited for sale, or where the sale is initiated by the buyer, or where the seller is regulated by the Mississippi Public Service Commission. Where the first contact has been made by the seller or by someone on behalf of the seller, then any home solicitation sale made following such contact shall not be deemed to have been initiated by the buyer.
(2)
"Consumer Credit Sale" is a sale of goods or services in which:
(a)
credit is granted by a person who regularly engages as a seller in credit transactions of the same kind;
(b)
the buyer is a person other than an organization;
(c)
the goods or services are purchased primarily for a personal, family or household purpose; and
(d)
either the debt is payable in installments or a credit service charge is made.
Laws, 1974, ch. 532, § 1, eff. 7/1/1974.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 66 - HOME SOLICITATION SALES (§§ 75-66-1 — 75-66-11) › Section 75-66-3 - Buyer's right of cancellation; notice

(1)
Except as provided in subsection (5) of this section, in addition to any right otherwise to revoke an offer, cancel a contract or rescind a contract, the buyer has the right to cancel a home solicitation sale until midnight of the third business day after the day at which the buyer signs an agreement or offer to purchase which complies with this chapter.
(2)
Cancellation occurs when the buyer gives written notice of cancellation to the seller at the address stated in the agreement or offer to purchase.
(3)
Notice of cancellation, if given by certified or registered mail, is given when it is deposited in a mailbox properly addressed and postage prepaid.
(4)
Notice of cancellation given by the buyer need not take a particular form and is sufficient if it indicates by any form of written expression the intention of the buyer not to be bound by the home solicitation sale.
(5)
The buyer may not cancel a home solicitation sale if the buyer requests the seller to provide goods or services without delay because of an emergency, and
(a)
the seller in good faith makes a substantial beginning of performance of the contract before the buyer gives notice of cancellation, and
(b)
in the case of goods, the goods cannot be returned to the seller in substantially as good condition as when received by the buyer.
Laws, 1974, ch. 532, § 2, eff. 7/1/1974.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 66 - HOME SOLICITATION SALES (§§ 75-66-1 — 75-66-11) › Section 75-66-5 - When buyer's signature required on agreement or offer to purchase or attached statement; contents of documents; effect of seller's failure to comply with section

(1)
In a home solicitation sale, unless the buyer requests the seller to provide goods or services without delay in an emergency, the seller must present to the buyer and obtain his signature to a written agreement or offer to purchase or his signature to a statement executed simultaneously with and attached to the written agreement or offer to purchase, which written statement, offer to purchase or attached statement, designates as the date of the transaction the date on which the buyer actually signs and contains a statement of the buyer's rights which shall comply with either subsection (2) or subsection (3) of this section.
(2)
The statement must:
(a)
appear under the conspicuous caption: "BUYER'S RIGHT TO CANCEL," and
(b)
read as follows: "If this agreement was solicited at your residence and you do not want the goods or services, you may cancel this agreement by mailing a notice to the seller by certified or registered mail. The notice must say that you do not want the goods or services and must be mailed before midnight on the third business day after you sign this agreement. The notice must be mailed to: ____________________ (insert name and mailing address of seller). If you cancel, the seller may keep all or part of your cash down payment, but in no event may the seller retain an amount in excess of five percent (5%) of the cash price or the amount of the cash down payment whichever is the lesser."
(3)
A home solicitation sales contract which contains the notice of cancellation in the form and content required by rule or regulation of the Federal Trade Commission shall comply with the requirements of this section if it contains information to the consumer concerning his right to cancel at least equal to that required by subsection (2).
(4)
Until the seller has complied with this section, the buyer may cancel the home solicitation sale by notifying the seller in any manner and by any means of his intention to cancel.
Laws, 1974, ch. 532, § 3, eff. 7/1/1974.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 66 - HOME SOLICITATION SALES (§§ 75-66-1 — 75-66-11) › Section 75-66-7 - Tender to buyer on cancellation or revocation; retention of cancellation fee; rights of buyer on seller's failure to act

(1)
Except as provided in this chapter, within ten (10) days after a home solicitation sale has been cancelled or an offer to purchase revoked, the seller must tender to the buyer any payments made by the buyer and any note or other evidence of indebtedness.
(2)
If the down payment includes goods traded in, the goods must be tendered in substantially as good condition as when received by the seller. If the seller fails to tender the goods as provided by this section, the buyer may elect to recover an amount equal to the trade-in allowance stated in the agreement.
(3)
The seller may retain as a cancellation fee five percent (5%) of the cash price but not exceeding the amount of the cash down payment. If the seller fails to comply with an obligation imposed by this section, or if the buyer avoids the sale on any ground independent of his right to cancel provided by the provisions on the buyer's right to cancel as provided by Section
75-66-3(1)
of this chapter or revokes his offer to purchase, the seller is not entitled to retain a cancellation fee.
(4)
Until the seller has complied with the obligations imposed by this section, the buyer may retain possession of goods delivered to him by the seller and has a lien on the goods in his possession or control for any recovery to which he is entitled.
Laws, 1974, ch. 532, § 4, eff. 7/1/1974.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 66 - HOME SOLICITATION SALES (§§ 75-66-1 — 75-66-11) › Section 75-66-9 - Tender to seller on cancellation or revocation; place; demand; time; buyer's duty with respect to goods; compensation for services performed

(1)
Except as provided in Section
75-66-7
, within a reasonable time after a home solicitation sale has been cancelled or an offer to purchase revoked, the buyer upon demand must tender to the seller any goods delivered by the seller pursuant to the sale, but he is not obligated to tender at any place other than his residence. If the seller fails to demand possession of goods within a reasonable time after cancellation or revocation, the goods become the property of the buyer without obligation to pay for them. For the purpose of this section, forty (40) days is presumed to be a reasonable time.
(2)
The buyer has a duty to take reasonable care of the goods in his possession before cancellation or revocation and for a reasonable time thereafter, during which time the goods are otherwise at the seller's risk.
(3)
If the seller has performed any services pursuant to a home solicitation sale prior to its cancellation, the seller is entitled to no compensation except the cancellation fee provided in this chapter.
Laws, 1974, ch. 532, § 5, eff. 7/1/1974.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 66 - HOME SOLICITATION SALES (§§ 75-66-1 — 75-66-11) › Section 75-66-11 - Chapter inapplicable to insurance sales or solicitations

Nothing in this chapter shall be construed as to apply to the sale or solicitation of insurance.
Laws, 1974, ch. 532, § 6, eff. 7/1/1974.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 1 - GENERAL PROVISION (§§ 75-67-1 — 75-67-41) › Section 75-67-1 - Pawnbrokers; application of article to

The provisions of Sections
75-67-39
and
75-67-41
shall be inapplicable to pawnbrokers as defined and regulated in Sections
75-67-301
through
75-67-343
.
Codes, 1942, § 5570.5; Laws, 1958, ch. 169, § 1; Laws, 1993, ch. 598, § 23, eff. 7/1/1993.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 1 - GENERAL PROVISION (§§ 75-67-1 — 75-67-41) › Section 75-67-3 - through 75-67-37 - [Repealed]

Repealed by Laws, 1993, ch. 598, § 24, eff. 7/1/1993.
§ 75-67-3. [Codes, 1906, § 3155; Hemingway's 1917, § 5512; 1930, § 1952; 1942, § 5571; Laws, 1932, ch. 265; Laws, 1958, ch. 169, § 2] § 75-67-5. [Codes, 1906, § 3156; Hemingway's 1917, § 5513; 1930, § 1953; 1942, § 5572; Laws, 1958, ch. 169, § 3] § 75-67-7. [Codes, 1906, § 3157; Hemingway's 1917, § 5514; 1930, § 1954; 1942, § 5573; Laws, 1958, ch. 169, § 4] § 75-67-9. [Codes, 1906, § 3158; Hemingway's 1917, § 5515; 1930, § 1955; 1942, § 5574] § 75-67-11. [Codes, 1906, § 3159; Hemingway's 1917, § 5516; 1930, § 1956; 1942, § 5575; Laws, 1991, ch. 309, § 1] § 75-67-13. [Codes, 1906, § 3160; Hemingway's 1917, § 5517; 1930, § 1957; 1942, § 5576] § 75-67-15. [Codes, 1906, § 3161; Hemingway's 1917, § 5518; 1930, § 1958; 1942, § 5577] § 75-67-17. [Codes, 1906, § 3162; Hemingway's 1917, § 5519; 1930, § 1959; 1942, § 5578] § 75-67-19. [Codes, 1906, § 3163; Hemingway's 1917, § 5520; 1930, § 1960; 1942, § 5579] § 75-67-21. [Codes, 1906, § 3164; Hemingway's 1917, § 5521; 1930, § 1961; 1942, § 5580] § 75-67-23. [Codes, 1906, § 3165; Hemingway's 1917, § 5522; 1930, § 1962; 1942, § 5581] § 75-67-25. [Codes, 1906, § 3166; Hemingway's 1917, § 5523; 1930, § 1963; 1942, § 5582; Laws, 1968, ch. 361, § 8] § 75-67-27. [Codes, 1906, § 3167; Hemingway's 1917, § 5524; 1930, § 1964; 1942, § 5583; Laws, 1958, ch. 169, § 5] § 75-67-29. [Codes, 1906, § 3168; Hemingway's 1917, § 5525; 1930, § 1965; 1942, § 5584] § 75-67-31. [Codes, § 3169; Hemingway's 1917, § 5526; 1930, § 1966; 1942, § 5585; Laws, 1958, ch. 169, § 6] § 75-67-33. [Codes, Hemingway's 1917, § 5528; 1930, § 1968; 1942, § 5587; Laws, 1914, ch. 112; Laws, 1958, ch. 169, § 7] § 75-67-35. [Codes, Hemingway's 1917, § 5529; 1930, § 1969; 1942, § 5588; Laws, 1914, ch. 112] § 75-67-37. [Codes, Hemingway's 1917, § 5530; 1930, § 1970; 1942, § 5589; Laws, 1914, ch. 112]
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 1 - GENERAL PROVISION (§§ 75-67-1 — 75-67-41) › Section 75-67-39 - Interest charges with respect to monthly or weekly installment loans

Any persons, natural or artificial, including domestic and foreign corporations, lending money in this state, to be paid back in monthly or weekly installments, may charge interest thereon at the rate of seven percent (7%) per annum or less, unless otherwise specifically authorized by law, for the entire period of the loan, and aggregate the principal and interest for the entire period of the loan, and divide the same into monthly or weekly installments, and may take security therefor by mortgage, deed of trust, or title, with waiver of exemption, upon and to real estate or personal property, or both.
Codes, Hemingway's 1917, § 5531; 1930, § 1971; 1942, § 5590; Laws, 1916, ch. 136; Laws, 1958, ch. 169, § 8; Laws, 1980, ch. 492, § 5; Laws, 1982, ch. 468, § 5; Laws, 1984, ch. 501, § 5; Laws, 1986, ch. 510, § 12, eff. 7/1/1986.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 1 - GENERAL PROVISION (§§ 75-67-1 — 75-67-41) › Section 75-67-41 - Loan paid before maturity; how

In any such loan contract as authorized in Section
75-67-39
, provision may be made requiring the borrower, upon exercising any option to repay the loan before maturity, or upon any default in the payment of the monthly instalments of principal and interest, or upon the breach of any covenant entitling the lender to declare the whole indebtedness due and payable and to a foreclosure of the security, to repay the loan upon the following basis of settlement: The principal debt, with interest thereon at the rate of ten percent (10%) per annum, and allowing credit for all payments of instalments of principal and interest upon loan, with interest thereon at the rate of ten percent (10%) per annum from date of payment to said lender, computed annually in accordance with the laws of the State of Mississippi.
Any such loan contract, and all provisions thereof, shall be valid for the amount of the principal and interest charged, and such contracts shall not be held usurious.
Codes, Hemingway's 1917, §§ 5532, 5533; 1930, § 1972; 1942, § 5591; Laws, 1916, ch. 136.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 3 - SMALL LOAN REGULATORY LAW (§§ 75-67-101 — 75-67-139) › Section 75-67-101 - Purpose of article

This article is hereby declared to be a public necessity and is remedial in purpose and the same shall be liberally construed to effectuate the purposes thereof and shall be known as the "Small Loan Regulatory Law" of this state.
Codes, 1942, § 5591-01; Laws, 1958, ch. 170, § 1, eff. 7/1/1958.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 3 - SMALL LOAN REGULATORY LAW (§§ 75-67-101 — 75-67-139) › Section 75-67-103 - Definitions

The following words and phrases, when used in this article, shall, for the purposes of this article, have the meanings respectively ascribed to them in this section, except where the context clearly describes and indicates a different meaning:
(a)
"Person" means and includes every natural person, firm, corporation, copartnership, joint-stock or other association or organization, and any other legal entity whatsoever.
(b)
"Licensee" means and includes every person holding a valid license issued under the provisions of the Small Loan Privilege Tax Law (Section
75-67-201
et seq.) of this state, except those specifically exempt by the provisions of this article, who, in addition to any other rights and powers he or it might otherwise possess, shall engage in the business of lending money either directly or indirectly, to be paid back in monthly installments or other regular installments for periods of more or less than one (1) month, and whether or not the lender requires security from the borrower as indemnity for the repayment of the loan.
(c)
"Occasional lender" means a person making not more than one (1) loan in any month or not more than twelve (12) loans in any twelve-month period.
(d)
"Commissioner" means the Commissioner of Banking and Consumer Finance of the State of Mississippi.
(e)
"Department" means the Department of Banking and Consumer Finance of the State of Mississippi.
(f)
"Records" or "documents" means any item in hard copy or produced in a format of storage commonly described as electronic, imaged, magnetic, microphotographic or otherwise, and any reproduction so made shall have the same force and effect as the original thereof and be admitted in evidence equally with the original.
Codes, 1942, § 5591-02; Laws, 1958, ch. 170, § 2; Laws, 1996, ch. 423, § 1; Laws, 1997, ch. 332, § 3; Laws, 2000, ch. 621, § 13, eff. 5/23/2000.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 3 - SMALL LOAN REGULATORY LAW (§§ 75-67-101 — 75-67-139) › Section 75-67-105 - License required

(1)
No person shall engage in the business of lending money except as authorized by this article, and without being the holder of a valid and subsisting license to engage in such business as provided by the Small Loan Privilege Tax Law (Section
75-67-201
et seq.).
(2)
Every person engaged in the business of lending money as authorized by this article shall have a physical office located in the State of Mississippi. A separate license is required for each office doing business in the State of Mississippi. Each electronic loan processing machine owned or operated by a licensed office is required to possess a separate license and have a permanent address with loan records to be maintained in a designated licensed office in the state.
Codes, 1942, § 5591-03; Laws, 1958, ch. 179, § 3; Laws, 1996, ch. 423, § 2; Laws, 1997, ch. 332, § 4, eff. 3/17/1997.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 3 - SMALL LOAN REGULATORY LAW (§§ 75-67-101 — 75-67-139) › Section 75-67-107 - Responsibility for administering provisions of Article 3

The provisions of this article shall be enforced and administered by the state comptroller of banks and his duly authorized agents, representatives and employees.
Codes, 1942, § 5591-04; Laws, 1958, ch. 170, § 4, eff. 7/1/1958.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 3 - SMALL LOAN REGULATORY LAW (§§ 75-67-101 — 75-67-139) › Section 75-67-109 - Misleading advertising

It shall be a violation of this article for any licensee to advertise, print, display, publish, broadcast or permit to be advertised, printed, displayed, published or broadcast, in any manner whatsoever, any statement or representation with regard to rates, terms or conditions of lending money or for arranging, negotiating, procuring, or guaranteeing any loan or loans for any person which is false, misleading or deceptive. It shall also be a violation of this article for any licensee to offer or give to any borrower or prospective borrower any premium of any sort, whether by cash, check or goods or merchandise as an inducement to the making, brokering or renegotiation of any loan if (a) such premium amount is charged, directly or indirectly, to the borrower or prospective borrower; or (b) such inducement is undertaken without prior notification in such form as recommended by the commissioner.
Codes, 1942, § 5591-05; Laws, 1958, ch. 170, § 5, eff. 7/1/1958.
Amended by Laws, 2016, ch. 357, SB 2346, 1, eff. 7/1/2016.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 3 - SMALL LOAN REGULATORY LAW (§§ 75-67-101 — 75-67-139) › Section 75-67-111 - Licensees to keep records; requirements as to

Each licensee shall keep and use in his business such books, accounts and other records which shall be in accordance with sound and accepted business practices and shall be in such form as will clearly reflect all loan transactions for every borrower and will enable the commissioner to determine whether the licensee is complying with the provisions of this article, or the Small Loan Privilege Tax Law (Section
75-67-201
et seq.). Such records shall be kept with respect to each loan transaction for a period of at least twenty-four (24) months after the final transaction on such loan. The records shall be kept in accordance with instructions of the commissioner and, in addition to any information which may be required by the commissioner, such records shall be so maintained as to clearly reflect, over the signature of the borrower, the following:
(a)
Cash received by the borrower;
(b)
Charges for interest;
(c)
Charges for recording fees and insurance, if any;
(d)
Total amount of note;
(e)
Period of time for which loan is extended; and
(f)
Federal annual percentage rate and the state contract rate.
All such records shall be open to the inspection of the commissioner or his duly authorized representatives at all times during regular business hours. Any suit brought against a licensee by any person on account of the violation or alleged violation of any of the provisions of this article with reference to any loan transaction shall be brought within twenty-four (24) months after the final maturity date of the loan, and not thereafter.
Codes, 1942, § 5591-06; Laws, 1958, ch. 170, § 6; Laws, 1996, ch. 423, § 3, eff. 7/1/1996.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 3 - SMALL LOAN REGULATORY LAW (§§ 75-67-101 — 75-67-139) › Section 75-67-113 - Access to records, etc

The comptroller or his duly authorized representatives shall have free access to the records, offices, places of business, safes and vaults of all licensees for the purpose of determining whether such licensee is complying with the provisions of this article and any regulations made hereunder. The comptroller shall have the authority to require the attendance of any and all persons and to examine such persons under oath relative to any loan transactions which are the subject matter of any examination, investigation or hearing held under any of the provisions of this article.
Codes, 1942, § 5591-07; Laws, 1958, ch. 170, § 7, eff. 7/1/1958.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 3 - SMALL LOAN REGULATORY LAW (§§ 75-67-101 — 75-67-139) › Section 75-67-115 - Expenses of examinations; paid by licensee

The commissioner may charge the licensee an examination fee in an amount not less than Three Hundred Dollars ($300.00) nor more than Six Hundred Dollars ($600.00) for each office or location within the State of Mississippi, plus any actual expenses incurred while examining the licensee's records or books that are located outside the State of Mississippi. However, in no event shall a licensee be examined more than once in a two-year period unless for cause shown based upon consumer complaint and/or other exigent reasons as determined by the commissioner.
All expense fees paid to the commissioner shall be deposited by the commissioner in the State Treasury in a special and separate fund to be known as the "Consumer Finance Fund."
Codes, 1942, § 5591-08; Laws, 1958, ch. 170, § 8; Laws, 1975, ch. 439; Laws, 1985, ch. 345, § 2; Laws, 2000, ch. 621, § 14; Laws, 2004, ch. 449, § 1, eff. 4/28/2004.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 3 - SMALL LOAN REGULATORY LAW (§§ 75-67-101 — 75-67-139) › Section 75-67-117 - [Repealed]

Repealed by Laws, 1974, ch. 564, § 8, eff. 7/1/1974.
Codes, 1942, § 5591-09; Laws, 1958, ch. 170, § 9.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 3 - SMALL LOAN REGULATORY LAW (§§ 75-67-101 — 75-67-139) › Section 75-67-119 - Penalties for imposition of excessive finance charges

If any finance charge in excess of that expressly permitted by Section
75-17-21
or
75-67-181
is contracted for or received, all finance charges and other charges shall be forfeited and may be recovered, whether the contract be executed or executory. If any finance charge is contracted for or received that exceeds the maximum finance charge authorized by law by more than one hundred percent (100%), the principal and all finance charges and other charges shall be forfeited and any amount paid may be recovered by suit; and, in addition, the licensee and the several members, officers, directors, agents, and employees thereof who shall have participated in such violation shall be guilty of a misdemeanor and, upon conviction thereof, shall be punished by a fine of not more than One Thousand Dollars ($1,000.00) and not less than One Hundred Dollars ($100.00), in the discretion of the court; and, further, the Commissioner of Banking and Consumer Finance shall forthwith cite such licensee to show cause why its license should not be revoked and proceedings thereon shall be as is specifically provided in the Small Loan Privilege Tax Law (Section
75-67-201
et seq.).
Codes, 1942, § 5591-10; Laws, 1958, ch. 170, § 10; Laws, 1984, ch. 476, § 1; Laws, 1986, ch. 510, § 15, eff. 7/1/1986.
Amended by Laws, 2016, ch. 301, HB 1511, 10, eff. 7/1/2016.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 3 - SMALL LOAN REGULATORY LAW (§§ 75-67-101 — 75-67-139) › Section 75-67-122 - Authorization for small loan licensees to charge and collect bad check charge

Any licensee hereunder who receives a check, draft, negotiable order of withdrawal or like instrument drawn on a bank or other depository institution given by any person in full or partial repayment of a loan or other extension of credit may, if such instrument is not paid or is dishonored by such institution, charge and collect from the borrower or person to whom the credit was extended, a bad check charge in an amount not to exceed the sum of Fifteen Dollars ($15.00). This charge may be made only once with respect to the same instrument, and after the nonpayment or dishonor of the instrument, it shall be returned by the licensee to the borrower or person to whom credit was extended. This charge shall not be deemed to be interest, finance charge or other charge made as an incident to or as a condition to the grant of the loan or other extension of credit and shall not be included in determining the limit on charges which may be made in connection with the loan or extension of credit as provided in this chapter or in any other law of this state.
Laws, 1989, ch. 452, § 1; Laws, 1991, ch. 436 § 1, eff. 3/21/1991.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 3 - SMALL LOAN REGULATORY LAW (§§ 75-67-101 — 75-67-139) › Section 75-67-123 - Certain charges excluded from maximum allowable finance charge

Notwithstanding any other law to the contrary, for purposes of compliance with maximum charges permitted under Section
75-17-21
and Section
75-67-181
, any charges, fees or premiums for voluntarily purchased credit insurance or auto club memberships shall not be included in the maximum finance charge allowed by state law.
Added by Laws, 2016, ch. 301, HB 1511, 7, eff. 7/1/2016.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 3 - SMALL LOAN REGULATORY LAW (§§ 75-67-101 — 75-67-139) › Section 75-67-125 - [Repealed]

Repealed by Laws, 1974, ch. 564, § 8, eff. 7/1/1974.
Codes, 1942, § 5591-13; Laws, 1958, ch. 170, § 13.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 3 - SMALL LOAN REGULATORY LAW (§§ 75-67-101 — 75-67-139) › Section 75-67-127 - Requirements for making and payment of loans; confession of judgment; incomplete instruments; penalty

(1)
Every licensee shall:
(a)
At the time any loan is made, deliver to the borrower, or if there are two (2) or more borrowers to one (1) of them, a statement in the English language, disclosing (i) the date of the loan, (ii) the amount of the loan, (iii) the schedule of payments or a description thereof, (iv) the type of the security, which may be by mortgage or deed of trust upon real estate or personal property, or both, (v) the name and address of the licensed office and of each person primarily obligated on the note, and (vi) the total amount of finance charges expressed as a dollar amount and as an annual percentage rate.
(b)
For each payment made on account of any such loan, give to the person making it at the time the payment is made a receipt specifying in plain, clear and simple terms the amount of the payment and the balance owing on the combined principal and finance charges after credit for each payment. When payment is made by check or money order, the licensee shall not be required to furnish a receipt. Compliance with the Federal Truth in Lending Act shall constitute compliance with this section.
(c)
When loans made or handled by a licensee under the provisions of the Small Loan Privilege Tax Law are paid in full prior to maturity, after July 1, 1974, whether by cash, renewal or otherwise, refund to the borrower the finance charge exceeding one dollar ($1.00) calculated on the rule of the sum of the digits, commonly known as the "Rule of 78ths." The refund shall be based and calculated on the number of days by which the loan is paid in advance, less twenty (20) days.
(d)
Upon repayment of the loan in full, release any mortgage or security agreement and restore any pledge unless such mortgage, security agreement or pledge continues to secure an obligation to the licensee, and cancel and return any note and any assignment given to the licensee for the loan which is repaid.
(2)
No licensee shall:
(a)
Take any confession of judgment or any power of attorney running to himself or to any third person to confess judgment or to appear for the borrower in a judicial proceeding; nor
(b)
take any note, promise to pay, or instrument of security that does not disclose the amount of the loan before the addition of precomputed charges, a schedule of payments or a description thereof, the agreed rate of charge, nor any instrument in which blanks are left to be filled in after the loan is made.
(3)
Any contract of loan in the making or collection of which any provision of this section shall have been violated, either knowingly or without the exercise of due care to prevent the same, shall be void and the licensee shall have no right to collect or receive any principal, charges or recompense whatsoever.
Codes, 1942, § 5591-14; Laws, 1958, ch. 170, § 14; Laws, 1974, ch. 564, § 4, eff. 7/1/1974.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 3 - SMALL LOAN REGULATORY LAW (§§ 75-67-101 — 75-67-139) › Section 75-67-129 - Rules and regulations

The commissioner shall have the power and authority to adopt, promulgate and issue such rules and regulations, not inconsistent with the provisions of this article or some other statute, as he shall deem necessary for the purpose of the administration of this article. A copy of every rule and regulation promulgated by the commissioner shall be filed in accordance with the Administrative Procedures Law, Section
25-43-1
et seq.
Codes, 1942, § 5591-15; Laws, 1958, ch. 170, § 15; Laws, 1996, ch. 423, § 4, eff. 7/1/1996.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 3 - SMALL LOAN REGULATORY LAW (§§ 75-67-101 — 75-67-139) › Section 75-67-131 - Injunction for violation of article

Whenever the comptroller has reasonable cause to believe that any person is violating any of the provisions of this article, in addition to all other remedies provided hereby, the comptroller may, by, through and on the relation of the attorney general, district attorney or county attorney, apply to a court of competent jurisdiction for an injunction, both temporary and permanent, to restrain such person from engaging in or continuing such violation of the provisions of this article or from doing any act or acts in furtherance thereof.
Codes, 1942, § 5591-16; Laws, 1958, ch. 170, § 16, eff. 7/1/1958.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 3 - SMALL LOAN REGULATORY LAW (§§ 75-67-101 — 75-67-139) › Section 75-67-133 - Prior obligations not impaired

Nothing herein contained shall be so construed so as to invalidate, impair or affect the obligation of any contract, agreement or loan between any lender or licensee and borrower which was lawfully entered into prior to July 1, 1958, or which shall be lawfully entered into prior to the expiration or cancellation of a license issued to the licensee under the provisions of the Small Loan Privilege Tax Law (Section
75-67-201
et seq.).
Codes, 1942, § 5591-17; Laws, 1958, ch. 170, § 17, eff. 7/1/1958.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 3 - SMALL LOAN REGULATORY LAW (§§ 75-67-101 — 75-67-139) › Section 75-67-135 - Exemptions

This article shall not apply to any person, firm, partnership, corporation or association doing business under any of the laws of this state relating to banks, savings banks, trust companies, building and loan associations, insurance companies, pawnbrokers or credit unions; nor shall this article apply to any person, firm, partnership, corporation or association concerning loans made to the employees or farm tenants of such person, firm, partnership or corporation or association; nor to loans or advances made to be used in or in the furtherance of farming or agricultural operations; nor to loans insured or guaranteed by the United States or any of its agencies; nor to persons, firms, partnerships, associations or corporations making loans only secured by real estate; nor to dealers and sellers or purchasers of conditional sales or retained title contracts on real or personal property; nor an occasional lender not regularly engaged in the business of lending money, but such lender shall be governed by the usury statutes of this state.
Codes, 1942, § 5591-18; Laws, 1958, ch. 170, § 18; Laws, 1996, ch. 423, § 5, eff. 7/1/1996.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 3 - SMALL LOAN REGULATORY LAW (§§ 75-67-101 — 75-67-139) › Section 75-67-137 - Licensee; freedom from liability

(1)
A licensee under this article shall have no liability for any act or practice done or omitted in conformity with (a) any rule or regulation of the commissioner, or (b) any rule, regulation, interpretation or approval of any other state or federal agency or any opinion of the Attorney General, notwithstanding that after such act or omission has occurred the rule, regulation, interpretation, approval or opinion is amended, rescinded, or determined by judicial or other authority to be invalid for any reason.
(2)
A licensee under this article, acting in conformity with a written interpretation or approval by an official or employee of any state or federal agency or department, shall be presumed to have acted in accordance with applicable law, notwithstanding that after such act has occurred, the interpretation or approval is amended, rescinded, or determined by judicial or other authority to be incorrect or invalid for any reason.
Laws, 1997, ch. 332, § 12, eff. 3/17/1997.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 3 - SMALL LOAN REGULATORY LAW (§§ 75-67-101 — 75-67-139) › Section 75-67-139 - Municipal and county ordinances void if overly restrictive

Municipalities and counties in this state may enact ordinances that are in compliance with, but not more restrictive than, the provisions of this article. Any order, ordinance or regulation existing on April 28, 2004, of Sections
75-67-115
,
75-67-215
,
75-67-247
and this section, or any order, ordinance or regulation enacted after April 28, 2004, of Sections
75-67-115
,
75-67-215
,
75-67-247
and this section, that conflicts with any of the provisions of this article shall be void to the extent of the conflict.
Laws, 2004, ch. 449, § 3, eff. 4/28/2004.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 4 - MISSISSIPPI CONSUMER ALTERNATIVE INSTALLMENT LOAN ACT (§§ 75-67-175 — 75-67-185) › Section 75-67-175 - Short title

This article shall be known as the "Mississippi Consumer Alternative Installment Loan Act."
Added by Laws, 2016, ch. 301, HB 1511, 1, eff. 7/1/2016.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 4 - MISSISSIPPI CONSUMER ALTERNATIVE INSTALLMENT LOAN ACT (§§ 75-67-175 — 75-67-185) › Section 75-67-177 - License required; lender option to use rates under Section 75-17-21 or Section 75-67-181

(1)
No person, partnership, association, limited liability company or corporation shall engage in the business of making consumer installment loans of money as provided by this article and charge, contract for, or receive on any such loan interest, discount, or consideration therefor without demonstrating to the satisfaction of the Commissioner of Banking and Consumer Finance that they are the holder of a valid and subsisting license under the Small Loan Privilege Tax Law, Section
75-67-201
et seq.
(2)
This article shall not apply to persons engaged in the business of extending credit to borrowers primarily for business or commercial purposes.
(3)
For any consumer installment loan that a licensee makes, the licensee has the option to either lend at the rates and fees indicated under the Small Loan Regulatory Law (Section
75-17-21
), or at the rates and charges under Section
75-67-181
.
(4)
The provisions of this article shall be administered and enforced by the Commissioner of Banking and Consumer Finance, or his duly authorized agents, representatives and employees.
Added by Laws, 2016, ch. 301, HB 1511, 2, eff. 7/1/2016.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › 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.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 4 - MISSISSIPPI CONSUMER ALTERNATIVE INSTALLMENT LOAN ACT (§§ 75-67-175 — 75-67-185) › Section 75-67-183 - Rules and regulations; injunction for violation of article

(1)
The commissioner shall have the power and authority to adopt, promulgate and issue any rules and regulations, not inconsistent with law, necessary for the enforcement of this article. The commissioner may investigate any business conducted in the licensed office to determine whether any evasion or violation of this article has occurred.
(2)
Licensees shall comply with, and all loans made under this article shall be in conformity with, all applicable provisions of the Small Loan Regulatory Law (Section
75-67-101
et seq.), and the Small Loan Privilege Tax Law (Section
75-67-201
et seq.), as determined by the commissioner.
(3)
When the commissioner has reasonable cause to believe that a person is violating any provision of this article, or any regulation of the commissioner made under the authority of this article or any other applicable statute of this state, the commissioner, in addition to and without prejudice to the authority provided elsewhere in this article, may enter an order requiring the person to stop and refrain from the violation. The commissioner may sue in any court of the state having jurisdiction and venue to enjoin the person from engaging in or continuing the violation or from doing any act in furtherance of the violation. In such an action, the court may enter an order or judgment awarding a preliminary or permanent injunction.
Added by Laws, 2016, ch. 301, HB 1511, 5, eff. 7/1/2016.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 4 - MISSISSIPPI CONSUMER ALTERNATIVE INSTALLMENT LOAN ACT (§§ 75-67-175 — 75-67-185) › Section 75-67-185 - Licensee; freedom from liability

(1)
A licensee shall have no liability for any act or practice done or omitted in conformity with (a) any rule or regulation of the commissioner, or (b) any rule, regulation, interpretation or approval of any other state or federal agency or any opinion of the Attorney General, notwithstanding that after the act or omission has occurred the rule, regulation, interpretation, approval or opinion is amended, rescinded, or determined by judicial or other authority to be invalid for any reason.
(2)
A licensee, acting in conformity with a written interpretation or approval by an official or employee of any state or federal agency or department, shall be presumed to have acted in accordance with applicable law, notwithstanding that after that act has occurred, the interpretation or approval is amended, rescinded, or determined by judicial or other authority to be incorrect or invalid for any reason.
Added by Laws, 2016, ch. 301, HB 1511, 6, eff. 7/1/2016.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 67 - LOANS (§§ 75-67-1 — 75-67-639) › Article 5 - SMALL LOAN PRIVILEGE TAX LAW (§§ 75-67-201 — 75-67-247) › Section 75-67-201 - Title of article

This article shall be known as and referred to as "The Small Loan Privilege Tax Law" of this state.
Codes, 1942, § 5591-31; Laws, 1958, ch. 168, § 1, eff. 7/1/1958.