reglab/statecodes huggingface dataset:
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 15 - MISSISSIPPI MONEY TRANSMITTERS ACT (§§ 75-15-1 — 75-15-35) › Section 75-15-3 - Definitions

For the purposes of this chapter:
(a)
"Check" means any check, draft, money order, personal money order or other instrument, including but not limited to stored value cards, for the transmission or payment of money. The format of a check may be either paper, electronic, plastic or any combination thereof.
(b)
"Commissioner" means the Commissioner of Banking and Consumer Finance of the State of Mississippi.
(c)
"Deliver" means to deliver a check to the first person who in payment for same makes or purports to make a remittance of or against the face amount thereof, whether or not the deliverer also charges a fee in addition to the face amount, and whether or not the deliverer signs the check.
(d)
"Executive officer" means the licensee's president, chairman of the executive committee, senior officer responsible for the licensee's business, chief financial officer and any other person who performs similar functions.
(e)
"Licensee" means a person duly licensed by the commissioner under this chapter.
(f)
"Monetary value" means a medium of exchange, whether or not redeemable in money.
(g)
"Money transmission" means to engage in the business of the sale or issuance of checks or of receiving money or monetary value for transmission to a location within or outside the United States by any and all means, including but not limited to wire, facsimile or electronic transfer.
(h)
"Outstanding check" means any check issued or sold in Mississippi by or for the licensee that has been reported as sold but not yet paid by or for the licensee.
(i)
"Person" means any individual, partnership, association, joint-stock association, trust or corporation, but does not include the United States government or the government of this state.
(j)
"Personal money order" means any instrument for the transmission or payment of money in relation to which the purchaser or remitter appoints or purports to appoint the seller thereof as his agent for the receipt, transmission or handling of money, whether the instrument is signed by the seller or by the purchaser or remitter or some other person.
(k)
"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.
(l)
"Sell" means to sell, to issue or to deliver a check.
(m)
"Stored value" means monetary value that is evidenced by an electronic record.
Codes, 1942, § 5131-02; Laws, 1966, ch. 257, § 2; Laws, 2000, ch. 621, § 8; Laws, 2003, ch. 340, § 1; Laws, 2010, ch. 448, § 2, eff. 7/1/2010.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 15 - MISSISSIPPI MONEY TRANSMITTERS ACT (§§ 75-15-1 — 75-15-35) › Section 75-15-5 - License required

No person, except those specified in Section
75-15-7
, shall engage in the business of money transmission, as a service or for a fee or other consideration, without having first obtained a license under this chapter.
Codes, 1942, § 5131-03; Laws, 1966, ch. 257, § 3; Laws, 2010, ch. 448, § 3, eff. 7/1/2010.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 15 - MISSISSIPPI MONEY TRANSMITTERS ACT (§§ 75-15-1 — 75-15-35) › Section 75-15-7 - Exemption from license requirement

Nothing in this chapter shall apply to the sale or issuance or delivering of checks by:
(a)
Any financial institution whose deposits are insured by any agency of the United States government or any trust company authorized to do business in this state;
(b)
The government of the United States or any department or agent thereof;
(c)
The State of Mississippi or any municipal corporation, county or other political subdivision of this state;
(d)
Agents of a licensee, as provided for in Section
75-15-17
, provided that this exemption shall apply only to the agent's acts on behalf of the licensee and this exemption shall not exempt the agent from the provisions of this chapter where he conducts money transmissions for his own account;
(e)
Attorneys-at-law, as to checks issued in the regular course of the practice of law;
(f)
Persons not carrying on the trade or business of money transmission, this exemption is intended to include persons who conduct money transmissions only as an incidental act to another trade or business regularly carried on by them and persons who only occasionally and infrequently conduct money transmissions for another person; or
(g)
The Nationwide Mortgage Licensing System and Registry for mortgage brokers, mortgage lenders and mortgage loan originators.
Codes, 1942, § 5131-04; Laws, 1966, ch. 257, § 4; Laws, 2003, ch. 340, § 2; Laws, 2010, ch. 448, § 4, eff. 7/1/2010.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 15 - MISSISSIPPI MONEY TRANSMITTERS ACT (§§ 75-15-1 — 75-15-35) › Section 75-15-9 - Applications and qualifications

Each application for a license to engage in the business of money transmission shall be made in writing and under oath to the commissioner in such form as he may prescribe. The application shall state the full name and business address of:
(a)
The proprietor, if the applicant is an individual;
(b)
Every member, if the applicant is a partnership or association;
(c)
The corporation and each executive officer and director thereof, if the applicant is a corporation;
(d)
Every trustee and officer if the applicant is a trust;
(e)
The applicant shall have a net worth of at least Twenty-five Thousand Dollars ($25,000.00) plus Fifteen Thousand Dollars ($15,000.00) for each location in excess of one (1) at which the applicant proposes to conduct money transmissions in this state, computed according to generally accepted accounting principles, but in no event shall the net worth be required to be in excess of Two Hundred Fifty Thousand Dollars ($250,000.00);
(f)
The financial responsibility, financial condition, business experience and character and general fitness of the applicant shall be such as reasonably to warrant the belief that applicant's business will be conducted honestly, carefully and efficiently;
(g)
Each application for a license shall be accompanied by an investigation fee of Fifty Dollars ($50.00) and license fee in the amount required by Section
75-15-15
. All fees collected by the commissioner under the provisions of this chapter shall be deposited into the Consumer Finance Fund of the Department of Banking and Consumer Finance;
(h)
An applicant shall not have been convicted of a felony in any jurisdiction or a misdemeanor of fraud, theft, forgery, bribery, embezzlement, or making a fraudulent or false statement in any jurisdiction.
Codes, 1942, § 5131-05; Laws, 1966, ch. 257, § 5; Laws, 1995, ch. 373, § 1; Laws, 2010, ch. 448, § 5, eff. 7/1/2010.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 15 - MISSISSIPPI MONEY TRANSMITTERS ACT (§§ 75-15-1 — 75-15-35) › Section 75-15-12 - Licensees required to possess permissible investments having an aggregate market value of at least the aggregate amount of outstanding checks

(1)
In addition to the bond required in Section
75-15-11
, a licensee must possess permissible investments having an aggregate market value, calculated in accordance with generally accepted accounting principles, of not less than the aggregate amount of all outstanding checks issued or sold or money received for transmission by the licensee in the United States. This requirement may be waived by the commissioner if the dollar volume of a licensee's outstanding checks does not exceed the bond or other security devices posted by the licensee in accordance with Section
75-15-11
.
(2)
Permissible investments, even if commingled with other assets of the licensee, shall be deemed by operation of law to be held in trust for the benefit of the purchasers and holders of the licensee's outstanding checks and money received for transmission and may not be considered an asset or property of the licensee in the event of bankruptcy, receivership or a claim against the licensee unrelated to any of the licensee's obligations under this chapter.
(3)
Permissible investments mean:
(a)
Cash;
(b)
Certificates of deposit or other debt obligations of a financial institution, either domestic or foreign;
(c)
Bills of exchange or time drafts drawn on and accepted by federally insured financial depository institutions;
(d)
Any investment bearing a rating of one (1) of the three (3) highest grades as defined by a nationally recognized organization that rates such securities;
(e)
Investment securities that are obligations of the United States, its agencies or instrumentalities, or obligations that are guaranteed fully as to principal and interest of the United States, or any obligations of any state, municipality or any political subdivision thereof;
(f)
Shares in a money market mutual fund, interest-bearing bills or notes or bonds, debentures or stock traded on any national securities exchange or on a national over-the-counter market, or mutual funds primarily composed of those securities or a fund composed of one or more permissible investments as set forth in this section;
(g)
Any demand borrowing agreement or agreements made to a corporation or a subsidiary of a corporation whose capital stock is listed on a national exchange;
(h)
Receivables that are due to a licensee from its agents, which are not past due or doubtful of collection; or
(i)
Any other investments approved by the commissioner.
(4)
The commissioner may limit or disallow for purposes of determining compliance with this section an investment, surety bond, letter of credit or other security otherwise permitted by this section if the commissioner determines it to be unsatisfactory for investment purposes or to pose a significant supervisory concern.
Laws, 2010, ch. 448, § 16, eff. 7/1/2010.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 15 - MISSISSIPPI MONEY TRANSMITTERS ACT (§§ 75-15-1 — 75-15-35) › Section 75-15-13 - Investigation; granting of license

Upon the filing of the application, the payment of the investigation fee and license fee, and the approval by the commissioner of the bond or securities delivered under Section
75-15-11
, the commissioner shall investigate the financial responsibility, financial and business experience, character and general fitness of the applicant, and, if he deems it advisable, of its officers and directors, and if he finds that the applicant (and its officers and directors, if investigated) has the requisite qualifications to meet the requirements of this chapter and that its (or their) qualifications are such as to warrant the belief that the applicant's business will be conducted honestly, fairly, equitably, carefully and efficiently and in a manner commanding the confidence and trust of the community, he shall issue to the applicant a license to engage in the business of money transmission subject to the provisions of this chapter.
Codes, 1942, § 5131-07; Laws, 1966, ch. 257, § 7; Laws, 2010, ch. 448, § 7, eff. 7/1/2010.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 15 - MISSISSIPPI MONEY TRANSMITTERS ACT (§§ 75-15-1 — 75-15-35) › Section 75-15-15 - Annual license fee

Each licensee shall pay to the commissioner with his initial application a license fee of Seven Hundred Fifty Dollars ($750.00), and annually thereafter on or before April 1 of each year, a renewal fee of Four Hundred Dollars ($400.00), plus Fifty Dollars ($50.00) for each location in excess of one (1) in Mississippi through which the licensee plans to conduct money transmissions during the license year for which the fee is paid, provided that in no event shall the annual renewal fee exceed One Thousand Dollars ($1,000.00).
Codes, 1942, § 5131-08; Laws, 1966, ch. 257, § 8; Laws, 2000, ch. 621, § 9; Laws, 2010, ch. 448, § 8, eff. 7/1/2010.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 15 - MISSISSIPPI MONEY TRANSMITTERS ACT (§§ 75-15-1 — 75-15-35) › Section 75-15-17 - Agents; appointment of subagents to conduct money transmission prohibited

A licensee may conduct his business at one or more locations within this state and through or by means of such agents as the licensee may from time to time designate or appoint. No license under this chapter shall be required of any agent of a licensee, provided that this exemption shall apply only to the agent's acts on behalf of the licensee and this exemption shall not exempt the agent from the provisions of this chapter where he conducts money transmissions for his own account. The licensee shall require each of his appointed agents to display prominently on the agent's premises, where same may be readily viewed by prospective clients or purchasers, a printed certificate signed by an authorized official of licensee setting forth in bold letters the names of the licensee and agent and stating that the licensee holds a valid and existing license issued by the commissioner under this chapter and that agent is a duly authorized agent of licensee. Neither a licensee nor an agent may appoint a subagent to conduct money transmissions.
Codes, 1942, § 5131-09; Laws, 1966, ch. 257, § 9; Laws, 2010, ch. 448, § 9, eff. 7/1/2010.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 15 - MISSISSIPPI MONEY TRANSMITTERS ACT (§§ 75-15-1 — 75-15-35) › Section 75-15-21 - Exempt agents

Nothing in this chapter shall be deemed to require a licensee to list agents which are exempt by the provisions of Section
75-15-7
of this chapter.
Codes, 1942, § 5131-11; Laws, 1966, ch. 257, § 11, eff. 7/1/1966.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 15 - MISSISSIPPI MONEY TRANSMITTERS ACT (§§ 75-15-1 — 75-15-35) › Section 75-15-23 - Liability of licensee

Each licensee shall be liable for the payment of all money transmissions and for all checks that the licensee sells, in whatever form and whether directly or through an agent, as the maker or drawer thereof according to the negotiable instrument laws of this state, and shall be responsible only for those acts of the agent done on behalf of the licensee. Every check sold by a licensee directly or through an agent shall bear the name of the licensee clearly imprinted thereon. During the period of time that a person is an appointed agent for a licensee, the agent shall not directly or indirectly conduct his own money transmission business and the agent shall not be, continue to be, or become an officer, director, stockholder, employee, or agent of any other licensee under this chapter. When a person ceases to be an agent of a licensee, he shall immediately cease displaying his agent's appointment certificate, as provided under Section
75-15-17
of this chapter and shall immediately surrender same to the licensee.
Codes, 1942, § 5131-12; Laws, 1966, ch. 257, § 12; Laws, 2010, ch. 448, § 11, eff. 7/1/2010.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 15 - MISSISSIPPI MONEY TRANSMITTERS ACT (§§ 75-15-1 — 75-15-35) › Section 75-15-25 - Limitation on outstanding money transmissions or checks in Mississippi

Whenever the bond or securities deposit required under Section
75-15-11
is less than Five Hundred Thousand Dollars ($500,000.00), the licensee may not at any time have a total amount in outstanding money transmissions or checks in Mississippi, in excess of the bond or securities deposit required of him under Section
75-15-11
, and the licensee shall, in accordance with rules and regulations promulgated by the commissioner under this chapter, submit a written report to the commissioner on the last business day of each month regarding his money transmissions outstanding in Mississippi, whether issued by himself or through agents, provided that this limitation shall be the principal sum of the bond or the market value of the securities deposit required of the licensee under Section
75-15-11
, and the sum of this limitation shall not be increased by any bond or securities deposit increase required by the commissioner under Section
75-15-29
or by deposit of any revocation order, suspension bond or securities deposit under Section
75-15-27
.
Codes, 1942, § 5131-13; Laws, 1966, ch. 257, § 13; Laws, 2006, ch. 354, § 2; Laws, 2010, ch. 448, § 12, eff. 7/1/2010.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 15 - MISSISSIPPI MONEY TRANSMITTERS ACT (§§ 75-15-1 — 75-15-35) › Section 75-15-29 - Bond increase

Any provision in this chapter to the contrary notwithstanding, the commissioner may at any time, if in his sole opinion the protection of the public so requires, increase the principal sum of the bond or the aggregate market value of the deposit required of any applicant or licensee by Section
75-15-11
but in no case shall the principal sum of the bond or the aggregate market value of the deposit required by Section
75-15-11
exceed Five Hundred Thousand Dollars ($500,000.00) and provided further, that in any situation, where a revocation order has been issued and the licensee involved has posted the additional bond required under Section
75-15-27
, for suspension thereof, pending final determination, the commissioner may for the same reasons require the principal sum of the additional, suspension bond to be increased but in no case shall the principal sum thereof exceed Two Hundred Fifty Thousand Dollars ($250,000.00), and provided further that if the licensee originally deposited with his application under Section
75-15-11
a corporate surety bond, the additional increase provided in this section must be by another corporate surety bond or an increase of the first one, written by the same corporate surety that wrote the first one and may not be a deposit of securities or if the licensee originally deposited securities, the additional increase shall also be of securities and not a corporate surety bond.
Codes, 1942, § 5131-15; Laws, 1966, ch. 257, § 15; Laws, 1995, ch. 373, § 6; Laws, 2010, ch. 448, § 14, eff. 7/1/2010.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 15 - MISSISSIPPI MONEY TRANSMITTERS ACT (§§ 75-15-1 — 75-15-35) › Section 75-15-31 - Penalties

(1)
If any person to whom or which this chapter applies or any agent or representative of that person violates any of the provisions of this chapter or attempts to transact the business of conducting money transmissions as a service or for a fee or other consideration, without having first obtained a license from the commissioner under the provisions of this chapter, that person and each such agent or representative shall be deemed guilty of a misdemeanor and, upon conviction, shall be fined not less than One Hundred Dollars ($100.00) nor more than Five Hundred Dollars ($500.00), and may also be confined to the county jail for not more than twelve (12) months. Each violation shall constitute a separate offense.
(2)
If any person engages in business as provided for in this chapter without paying the license fee provided for in this chapter before beginning business or before the expiration of the person's current license, as the case may be, then the person shall be liable for the full amount of the license fee plus a penalty in an amount not to exceed Twenty-five Dollars ($25.00) for each day that the person has engaged in the business without a license or after the expiration of a license.
(3)
The commissioner may, after notice and hearing, impose a civil penalty against any licensee if the licensee or employee is adjudged by the commissioner to be in violation of the provisions of this chapter. The civil penalty shall not exceed Five Hundred Dollars ($500.00) per violation and shall be deposited into the Consumer Finance Fund of the Department of Banking and Consumer Finance.
(4)
When the commissioner has reasonable cause to believe that a person is violating any provision of this chapter, the commissioner, in addition to and without prejudice to the authority provided elsewhere in this chapter, may enter an order requiring the person to stop and refrain from the violation. The commissioner may sue in any circuit 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.
Codes, 1942, § 5131-16; Laws, 1966, ch. 257, § 16; Laws, 2000, ch. 621, § 11; Laws, 2004, ch. 450, § 4; Laws, 2010, ch. 448, § 15, eff. 7/1/2010.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 15 - MISSISSIPPI MONEY TRANSMITTERS ACT (§§ 75-15-1 — 75-15-35) › Section 75-15-32 - Commissioner authorized to examine persons suspected of conducting business requiring a license

The commissioner, or his duly authorized representative, for the purpose of discovering violations of this chapter and for the purpose of determining whether persons are subject to the provisions of this chapter, may examine persons licensed under this chapter and persons reasonably suspected by the commissioner of conducting business that requires a license under this chapter, including all relevant books, records and papers employed by those persons in the transaction of their business, and may summon witnesses and examine them under oath concerning matters relating to the business of those persons, or such other matters as may be relevant to the discovery of violations of this chapter, including without limitation the conduct of business without a license as required under this chapter.
Laws, 2000, ch. 621, § 12, eff. 5/23/2000.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 15 - MISSISSIPPI MONEY TRANSMITTERS ACT (§§ 75-15-1 — 75-15-35) › Section 75-15-33 - Construction of chapter

The masculine, feminine and neuter genders shall each include the others and the singular shall include the plural.
Codes, 1942, § 5131-17; Laws, 1966, ch. 257, § 17, eff. 7/1/1966.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 15 - MISSISSIPPI MONEY TRANSMITTERS ACT (§§ 75-15-1 — 75-15-35) › Section 75-15-35 - Compliance with state and federal money laundering laws

Each licensee shall comply with state and federal money laundering laws, including, but not limited to, the federal "Bank Secrecy Act,"
12 USC Section 1951
et seq.
Laws, 2010, ch. 448, § 17, eff. 7/1/2010.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 17 - INTEREST, FINANCE CHARGES, AND OTHER CHARGES (§§ 75-17-1 — 75-17-107) › GENERAL PROVISIONS (§§ 75-17-1 — 75-17-35) › Section 75-17-3 - Evasion of six percent interest law; interest forfeited if higher rate secretly exacted

If any person shall lend to another any sum of money and take any note or evidence of debt which shall stipulate a rate of interest not greater than six (6) per centum per annum after the date of the loan or after maturity, but who shall in fact contract for, charge, collect or receive as compensation or consideration for, or as the result of, such loan, directly or indirectly, a sum of money in excess of six (6) per centum per annum from the date of the loan, or a sum of money when taken with the interest contracted for, is in excess of six (6) per centum per annum from the date of the loan, such person shall forfeit all interest, and if the interest shall have been paid, same may be recovered by suit.
Codes, Hemingway's 1917, § 2076; 1930, § 1947; 1942, § 37; Laws, 1914, ch. 137.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 17 - INTEREST, FINANCE CHARGES, AND OTHER CHARGES (§§ 75-17-1 — 75-17-107) › GENERAL PROVISIONS (§§ 75-17-1 — 75-17-35) › Section 75-17-5 - Discount, interest, bank issues

The issues, bills, notes, bonds, or certificates of deposit of any bank, corporation, or association of persons formed for banking purposes, or possessing banking privileges, situated within or without the limits of this state, shall not be loaned in this state by any agent, officer or person employed by, or having any interest in or connection with, any such bank, corporation, or association of persons, at a greater rate of discount or interest than is allowed by the laws of this state. All contracts and agreements made in violation of the provisions of this section shall, as to the whole of the discount or interest allowed or paid, or agreed to be allowed or paid, be void, and the discount or interest may be recovered back by the person suffering such discount or paying such interest.
Codes, Hutchinson's 1848, ch. 47, art. 3 (1), art. 7 (3); 1857, ch. 50, art. 2; 1871, § 2280; 1880, § 1142; 1892, § 2349; 1906, § 2679; Hemingway's 1917, § 2077; 1930, § 1948; 1942, § 38.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 17 - INTEREST, FINANCE CHARGES, AND OTHER CHARGES (§§ 75-17-1 — 75-17-107) › GENERAL PROVISIONS (§§ 75-17-1 — 75-17-35) › Section 75-17-7 - Interest on judgments and decrees

All judgments or decrees founded on any sale or contract shall bear interest at the same rate as the contract evidencing the debt on which the judgment or decree was rendered. All other judgments or decrees shall bear interest at a per annum rate set by the judge hearing the complaint from a date determined by such judge to be fair but in no event prior to the filing of the complaint.
Codes, Hutchinson's 1848, ch. 47, art. 2 (3), ch. 54, art. 2 (38); 1857, ch. 50, arts. 1, 3, ch. 62, art. 100; 1871, §§ 1269, 2279, 2281; 1880, §§ 1141, 1143, 1958; 1892, § 2350; 1906, § 2680; Hemingway's 1917, § 2078; 1930, § 1949; 1942, § 39; Laws, 1975, ch. 336, § 1; Laws, 1989, ch. 311, § 5, eff. 7/1/1989.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 17 - INTEREST, FINANCE CHARGES, AND OTHER CHARGES (§§ 75-17-1 — 75-17-107) › GENERAL PROVISIONS (§§ 75-17-1 — 75-17-35) › Section 75-17-9 - Partial payments applied

When partial payments are made, the interest that has accrued to the time of payment, if any, shall be first paid, and the residue of such partial payment shall be placed to the payment of the principal, except that the parties may agree in writing that such partial payment, or any portion thereof, shall be applied first to the payment of principal, in which case the residue shall be applied to the payment of interest that has accrued to the time of payment.
Codes, Hutchinson's 1848, ch. 47, art. 7 (57); 1857, ch. 50, art. 4; 1871, § 2282; 1880, § 1144; 1892, § 2351; 1906, § 2681; Hemingway's 1917, § 2079; 1930, § 1950; 1942, § 40; Laws, 1987, ch. 387, eff. 7/1/1987.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 17 - INTEREST, FINANCE CHARGES, AND OTHER CHARGES (§§ 75-17-1 — 75-17-107) › GENERAL PROVISIONS (§§ 75-17-1 — 75-17-35) › Section 75-17-11 - Rate of interest, amount of finance charge or rate of finance charge where specified to be paid at period of less than one year; payment earlier than final maturity; computation of interest upon prepayment of note; usurious rates; notes containing final balloon payment

When any particular rate of interest per annum or amount of finance charge or rate of finance charge is specified in any contract, note or evidence of indebtedness, it shall not be construed as any increase of said rate of interest or amount of finance charge or rate of finance charge merely that the interest at the specified rate per annum or amount of finance charge or rate of finance charge is stipulated to be paid quarterly, or semiannually, or at any other period less than a year, nor shall the fact that the principal and interest or finance charge is paid at a date earlier than the final maturity date of the contract, note or evidence of indebtedness be taken as any increase of the rate per centum or amount of finance charge or rate of finance charge although paid for the whole period of the contract, note or evidence of indebtedness and regardless of whether or not there is a contractual right of prepayment. Upon prepayment of any contract, note or evidence of indebtedness with the agreement of the lender or holder of such contract, note or evidence of indebtedness before final maturity, whether voluntarily, involuntarily by acceleration or otherwise, and whether by cash, renewal or otherwise, any rebate of interest or finance charge may be computed by the sum of the digits method, commonly referred to as the Rule of 78's method, by the actuarial method, or by the simple interest method. The use of any such method to compute a rebate of interest or finance charge shall not be considered or result in any penalty, prepayment or otherwise, nor be deemed to increase the yield, annual percentage rate, amount of finance charge, rate of finance charge, amount of interest charge, or rate of interest charge. Any such contract, note, or evidence of indebtedness and all provisions thereof shall be valid for the amount of the principal, interest, and finance charges contracted for or received, and such contract, note or evidence of indebtedness shall not be held usurious. However, with respect to a note containing a final balloon payment provision originally payable to a bank and executed after July 1, 1990, the Rule of 78's method may not be used to compute any rebate of finance charges that may be due upon prepayment if the resulting yield would be usurious.
Codes, 1930, § 1951; 1942, § 41; Laws, 1926, ch. 179; Laws, 1954, ch. 322; Laws, 1990, ch. 481, § 1, eff. 3/27/1990.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 17 - INTEREST, FINANCE CHARGES, AND OTHER CHARGES (§§ 75-17-1 — 75-17-107) › GENERAL PROVISIONS (§§ 75-17-1 — 75-17-35) › Section 75-17-13 - Liability for issuance of unsolicited credit cards; penalty for collection of excessive finance charge

If any credit card is issued to a person who has not requested or accepted by use the issuance of such credit card, the issuer shall be liable to the person whose name appears on the credit card for any damages or expenses, or both, including attorney's fees, which the person incurs due to the use of such credit card without permission of the person to whom it is issued by any person other than the person to whom it is issued or members of his immediate family. Any person who shall willfully collect finance charges under a revolving charge agreement in excess of the maximum permitted under Section
75-17-19
shall be guilty of a misdemeanor, and, upon conviction, may be fined not more than Five Hundred Dollars ($500.00). Each account on which such excess finance charges shall be collected shall constitute a separate offense.
Laws, 1974, ch. 564, § 3; Laws, 1995, ch. 318, § 1, eff. 3/9/1995.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 17 - INTEREST, FINANCE CHARGES, AND OTHER CHARGES (§§ 75-17-1 — 75-17-107) › GENERAL PROVISIONS (§§ 75-17-1 — 75-17-35) › Section 75-17-15 - Small Loan Regulatory Law and Small Loan Privilege Tax Law Licensees; default charge; application of payments

Any licensee under the 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.), may contract for and receive a default charge not to exceed five percent (5%) of that portion of an installment which continues unpaid for ten (10) days or more following the date such payment is due, including Sundays and holidays. In no case shall such default charge exceed five dollars ($5.00). Such default charge shall not be collected more than once on the same installment. For the purpose of this section, payments shall be applied first to current installments and then to delinquent installments.
Laws, 1974, ch. 564, § 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 17 - INTEREST, FINANCE CHARGES, AND OTHER CHARGES (§§ 75-17-1 — 75-17-107) › GENERAL PROVISIONS (§§ 75-17-1 — 75-17-35) › Section 75-17-17 - Law governing loans made or credit extended prior to July 1, 1974

Loans made and credit extended prior to July 1, 1974, shall continue to be governed by the provisions of laws governing such loans and extensions of credit which were in force at the time such loans or extensions of credit were made, including laws repealed hereby except that finance charges contracted for or received prior to July 1, 1974, shall not be unlawful if the finance charge contracted for or received conforms with the provisions of Chapter 564, Laws of 1974 or other law then in effect. Any loan or note renewed, refinanced, deferred or otherwise extended or altered on or after July 1, 1974, shall conform with the provisions of Sections
63-17-13
,
75-17-1
,
75-17-13
through
75-17-17
,
75-67-127
and
75-67-217
.
Laws, 1974, ch. 564, § 7, eff. 7/1/1974.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 17 - INTEREST, FINANCE CHARGES, AND OTHER CHARGES (§§ 75-17-1 — 75-17-107) › GENERAL PROVISIONS (§§ 75-17-1 — 75-17-35) › Section 75-17-23 - Maximum finance charges in connection with sales of factory manufactured moveable homes

Notwithstanding any provision of law to the contrary, the maximum finance charge which may be contracted for or received for any loan or extension of credit made by any lender or by any retail seller in connection with sales of factory manufactured moveable homes may result in a yield not to exceed the following annual percentage rates calculated according to the actuarial method:
(a)
Twenty-five percent (25%) per annum on that part of the unpaid balance of the amount financed which does not exceed One Thousand Dollars ($1,000.00);
(b)
Eighteen percent (18%) per annum on that part of the unpaid balance of the amount financed which is more than One Thousand Dollars ($1,000.00) but does not exceed Two Thousand Five Hundred Dollars ($2,500.00);
(c)
The greater of fifteen percent (15%) per annum or five percent (5%) per annum above the discount rate, excluding any surcharge thereon, on ninety-day commercial paper in effect at the Federal Reserve bank in the Federal Reserve district where the lender or retail seller is located, on that part of the unpaid balance of the amount financed which is more than Two Thousand Five Hundred Dollars ($2,500.00).
Laws, 1986, ch. 510, § 4, eff. 7/1/1986.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 17 - INTEREST, FINANCE CHARGES, AND OTHER CHARGES (§§ 75-17-1 — 75-17-107) › GENERAL PROVISIONS (§§ 75-17-1 — 75-17-35) › Section 75-17-27 - Late payment charges

A late payment charge, not exceeding Five Dollars ($5.00) or four percent (4%) of the amount of any delinquency, whichever is greater, if contracted for in writing, shall not be considered a finance charge, but no such charge shall be made unless such delinquency is more than fifteen (15) days past due; provided, however, that such late payment charge may be collected only one (1) time on a specific installment and no late payment charge may be collected on a partial payment resulting from the deduction of a late payment charge from a regular scheduled payment. On loans of One Hundred Thousand Dollars ($100,000.00) or less having a stated maturity of five (5) years or less, such late payment charge shall in no event exceed Fifty Dollars ($50.00).
Laws of 1986, ch. 510, § 6, eff. 7/1/1986.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 17 - INTEREST, FINANCE CHARGES, AND OTHER CHARGES (§§ 75-17-1 — 75-17-107) › GENERAL PROVISIONS (§§ 75-17-1 — 75-17-35) › Section 75-17-29 - Prohibition against use of multiple agreements to obtain excessive finance charge

No lender or other person shall use multiple notes, accounts, contracts or agreements with intent to obtain a higher finance charge than permitted by law. If a finance charge be stipulated for or received in any case in violation of this section, all interest and finance charges shall be forfeited.
Laws, 1986, ch. 510, § 7, eff. 7/1/1986.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 17 - INTEREST, FINANCE CHARGES, AND OTHER CHARGES (§§ 75-17-1 — 75-17-107) › GENERAL PROVISIONS (§§ 75-17-1 — 75-17-35) › Section 75-17-31 - Limitations on prepayment penalties with respect to loans for certain real estate

No lender or other person shall charge a sum or prepayment penalty for the prepayment of any note or evidence of a debt secured in whole or in part by lien on real estate greater than the following:
(a)
Five percent (5%) of the unpaid principal balance if prepaid during the first year;
(b)
Four percent (4%) of the unpaid principal balance if prepaid during the second year;
(c)
Three percent (3%) of the unpaid principal balance if prepaid during the third year;
(d)
Two percent (2%) of the unpaid principal balance if prepaid during the fourth year;
(e)
One percent (1%) of the unpaid principal balance if prepaid during the fifth year;
(f)
No penalty if prepaid more than five (5) years from date of the note creating the debt.
This section shall apply only to loans, the security for which is a lien on real estate comprising a single family dwelling or a single family condominium unit, or on real estate used primarily for agricultural or livestock purposes. This section shall not apply where a greater penalty is required by any law or regulation of the United States of America, or agency thereof. In addition, this section shall not apply to any agricultural loan made by an originator or a certified facility in accordance with 12 USCS Section 2279aa et seq. that is included in a pool for which the Federal Agricultural Mortgage Corporation has provided a guarantee.
Laws, 1986, ch. 510, § 8; Laws, 1995, ch. 317, § 1, eff. 3/9/1995.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 17 - INTEREST, FINANCE CHARGES, AND OTHER CHARGES (§§ 75-17-1 — 75-17-107) › GENERAL PROVISIONS (§§ 75-17-1 — 75-17-35) › Section 75-17-33 - Announcement of discount rates and indices by Commissioner of Banking and Consumer Finance; recording of maximum finance charge rates

The Commissioner of Banking and Consumer Finance, upon any change in the discount rate on ninety-day commercial paper by the Federal Reserve bank of a Federal Reserve district of which this state is a part, shall (a) make an official announcement of the new discount rate on the same day as the change, or as soon thereafter as possible, (b) cause the dissemination of such announcement to the news media in such manner as he deems appropriate, and (c) file the same with the Commissioner of Insurance or his successor. The rate so determined shall be effective from the date of the official announcement of the new discount rate by the Commissioner of Banking and Consumer Finance. The Commissioner of Banking and Consumer Finance shall determine, on or before the twentieth day of each month, the index of market yields of the Monthly Twenty-Year Constant Maturity Index of Long-Term United States Government Bond Yields for the preceding calendar month and shall (a) make an official announcement of the index, (b) cause the dissemination of such announcement to the news media in such manner as he deems appropriate, and (c) file the same with the Commissioner of Insurance or his successor. The index so determined shall be effective on the first day of the next succeeding month.
In contracting for a finance charge pursuant to the provisions of Section
75-17-1
or Sections
75-17-21
and
75-17-23
, any person shall be entitled to rely conclusively upon the most recent discount rate or index officially announced by the Commissioner of Banking and Consumer Finance. The Commissioner of Banking and Consumer Finance shall acquire, keep and maintain a separate record in which he shall note or post the maximum permissible rates of finance charges available under Section
75-17-1
and Sections
75-17-21
and
75-17-23
. Each rate so determined shall be the maximum permissible rate of finance charge available under each particular section or subsection thereof, and when certified by the Commissioner of Banking and Consumer Finance shall be admissible in evidence or judicially noticed as the maximum permissible rate of finance charge under the provisions of that particular section or subsection.
Laws, 1986, ch. 510, § 9; Laws, 1994, ch. 622, § 157, eff. 7/1/1994.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 17 - INTEREST, FINANCE CHARGES, AND OTHER CHARGES (§§ 75-17-1 — 75-17-107) › GENERAL PROVISIONS (§§ 75-17-1 — 75-17-35) › Section 75-17-35 - Computation of interest on refunds of excess rates by public utilities

Notwithstanding any provision of law to the contrary, the lawful rate of interest which shall be paid on a refund of excess rates by any public utility which has put rates into effect under bond, as provided for in Sections
77-3-39
,
77-3-69
and
77-3-71
, shall be computed from the date of collection until the date refunds are made and shall be equal to a rate which is two percent (2%) above the average discount rate for the total period under bond, excluding any surcharge thereon, on ninety-day commercial paper in effect at the Federal Reserve bank in the Federal Reserve district where the public utility has its principal place of business.
Laws, 1986, ch. 510, § 10, eff. 7/1/1986.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 17 - INTEREST, FINANCE CHARGES, AND OTHER CHARGES (§§ 75-17-1 — 75-17-107) › MAXIMUM INTEREST RATES ON PUBLIC BORROWING (§§ 75-17-101 — 75-17-107) › Section 75-17-101 - Maximum interest rate on general obligation and limited obligation tax bonds

Unless otherwise provided by law, general obligation and limited obligation tax bonds issued by the State of Mississippi or a county, municipality or political subdivision thereof and described in Sections
19-9-19
,
21-33-315
,
21-41-43
,
37-27-65
,
37-29-103
,
37-29-109
,
37-29-113
,
37-59-27
,
41-13-21
,
51-29-63
,
51-31-61
,
51-33-37
,
51-33-39
,
57-1-29
,
59-3-11
,
59-5-45
,
59-7-19
,
59-7-109
,
59-9-37
,
59-9-65
,
59-13-9
,
61-5-17
and
65-19-25
, Mississippi Code of 1972, shall not bear a greater overall maximum interest rate to maturity than eleven percent (11%) per annum.
Laws, 1983, ch. 541, § 1; Laws, 1984, ch 506, § 12; Laws, 1985, ch. 477, § 16; Laws, 1986, ch. 384, § 2, eff. 3/24/1986.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 17 - INTEREST, FINANCE CHARGES, AND OTHER CHARGES (§§ 75-17-1 — 75-17-107) › MAXIMUM INTEREST RATES ON PUBLIC BORROWING (§§ 75-17-101 — 75-17-107) › Section 75-17-103 - Maximum interest rate on revenue bonds

Unless otherwise provided by law, revenue bonds issued by the State of Mississippi or a county, municipality or political subdivision thereof and described in Sections
17-17-115
,
19-5-183
,
19-29-33
,
21-27-45
,
21-27-71
,
21-27-179
,
29-3-169
,
37-101-91
,
37-101-93
,
41-13-21
,
43-33-25
,
43-33-537
,
43-35-21
,
49-17-105
,
51-35-331
,
57-7-3
,
57-31-9
,
59-7-417
,
59-7-505
,
59-9-41
,
61-3-41
,
61-5-17
,
65-13-37
,
69-5-15
,
77-5-27
and
77-5-739
, Mississippi Code of 1972, shall not bear a greater overall maximum interest rate to maturity than thirteen percent (13%) per annum.
Laws, 1983, ch. 541, § 2; Laws, 1984, ch. 506, § 13; Laws, 1985, ch. 477, § 17, eff. 4/8/1985.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 17 - INTEREST, FINANCE CHARGES, AND OTHER CHARGES (§§ 75-17-1 — 75-17-107) › MAXIMUM INTEREST RATES ON PUBLIC BORROWING (§§ 75-17-101 — 75-17-107) › Section 75-17-105 - Maximum interest rate on tax anticipation notes

Unless otherwise provided by law, tax anticipation notes and reappraisal notes issued by the State of Mississippi or a county, municipality or political subdivision thereof and described in Sections
19-9-27
,
19-13-17
,
21-33-325
,
21-33-325.1
,
27-39-325
,
37-29-101
,
37-29-267
,
37-29-425
,
37-41-93
,
37-59-37
,
37-59-39
,
37-59-41
,
51-7-15
,
51-7-27
,
51-29-5
and
51-31-73
, Mississippi Code of 1972, shall bear interest at a rate not to exceed eleven percent (11%) per annum.
Laws, 1983, ch. 541, § 3; Laws, 1984, ch. 506, § 14; Laws, 1985, ch. 384; Laws, 1985, ch. 477, § 18; Laws, 2009, ch. 485, § 3, eff. 4/6/2009.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 17 - INTEREST, FINANCE CHARGES, AND OTHER CHARGES (§§ 75-17-1 — 75-17-107) › MAXIMUM INTEREST RATES ON PUBLIC BORROWING (§§ 75-17-101 — 75-17-107) › Section 75-17-107 - Maximum interest rate on interim financing in anticipation of confirmed grant or loan

Unless otherwise provided by law, interim financing in anticipation of a confirmed grant or loan by the State of Mississippi or a county, municipality or political subdivision thereof and described in Sections
19-9-28
and
21-33-326
, Mississippi Code of 1972, shall bear interest at a rate not to exceed nine percent (9%) per annum.
Laws, 1983, ch. 541, § 4; Laws, 1984, ch. 506, § 15, eff. 5/15/1984.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 18 - REVOLVING CHARGE AGREEMENTS; CREDIT CARDS [Repealed] (§ 75-18-1) › Section 75-18-1 - through 75-18-11 - [Repealed]

Repealed by Laws, 1974, ch. 564, § 8, eff. 7/1/1974.
Laws 1972, ch. 662, §§ 1-4.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 19 - SEALS (§§ 75-19-1 — 75-19-7) › Section 75-19-1 - Use of private seals dispensed with except as to corporations

The use of private seals is dispensed with, except as to corporations; and all distinction between sealed and unsealed instruments, made by private persons, either as to the rights conferred by them or the remedies on them, is abolished.
Codes, 1880, § 993; 1892, § 4079; 1906, § 4631; Hemingway's 1917, § 7419; 1930, § 3302; 1942, § 260.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 19 - SEALS (§§ 75-19-1 — 75-19-7) › Section 75-19-3 - Instruments to be interpreted and enforced without reference to seals

Any instrument of writing made and delivered by a private person without a seal or scroll, or other semblance or representation of a seal, shall be operative according to the intent of the maker, as expressed in the writing, in the same manner and as to full extent as if the seal of the maker were thereto affixed.
Codes, 1880, § 994; 1892, § 4080; 1906, § 4632; Hemingway's 1917, § 7420; 1930, § 3303; 1942, § 261.