Mississippi Administrative Code › Title 5 - Banking and Consumer Finance › Part 3 - Consumer Finance Activities › Chapter 1 - Small Loan Regulatory Law and Small Loan Privilege Tax Law › Rule 5-3-1.2 - Definitions

Current through June 25, 2024
The following words and phrases, when used in these
				  Regulations or in the related statutes shall, for the purposes of these
				  Regulations, have the meanings respectively ascribed to them in this section,
				  except where the context clearly describes and indicates a different
				  meaning:
1. "Actuarial Method" shall have the same meaning as it is
				  used in the Federal Truth-In-Lending Act in determining the annual percentage
				  rate.
2. "Commissioner" means the Commissioner of the Department of
				  Banking and Consumer Finance of the State of Mississippi.
3. "Department" means the Department of Banking and Consumer
				  Finance of the State of Mississippi.
4. "Licensee" means any person holding a license from the
				  Department of Banking and Consumer Finance to conduct business under the Small
				  Loan Privilege Tax Law and the Small Loan Regulatory Law.
5. "Loan" means a loan that is made to individuals primarily
				  for personal, family or household purposes. Licensing under the Mississippi
				  Small Loan Regulatory Law and Small Loan Privilege Tax Law does not apply to
				  persons engaged in the business of extending credit to borrowers primarily for
				  business or commercial purposes.
6. "Pre-computed Loan" means a loan on which the finance
				  charge is calculated for the entire term of the loan and added to the State
				  Amount Financed to determine the total amount of payments.
7. "State Amount Financed" means the amount financed as
				  defined by the Federal Truth-In- Lending Act and Regulation Z, plus the closing
				  fee authorized by state law, including all charges in the amount of credit
				  extended which are not a part of the finance charge, the total being the amount
				  of credit which will be paid to the borrower or to another person on his
				  behalf. The following are a part of the State Amount Financed and not a part of
				  the finance charge: (i) actual cost of authorized insurance premiums (ii)
				  closing costs excluded from the definition of finance charge by State law; and
				  (iii) any reasonable fee paid to an attorney for the investigation of a
				  title.
8. "State Contract Rate" means the annual percentage rate of
				  the finance charge determined by the actuarial method for the term of the loan,
				  calculated on the State Amount Financed, as defined herein.
9. "State Finance Charge" represents an amount paid by the
				  debtor for receiving a loan that is calculated by using the State Contract
				  Rate, the term of the note and the State Amount Financed.
10. "Term of Loan" means the period of time from the date of
				  the loan through the scheduled date of the final payment.
11. "The Rule of 78's" is a formula used for calculating
				  earnings and rebates for pre-computed loans.
12. "Total Amount of Note," "Total Amount of Loan," "Total
				  Payments" and "Total Amount Repayable" each mean the total sum of payments to
				  be paid by the borrower to the lender according to the schedule of
				  payments.
Miss. Code Ann. §
										75-67-129;
				  Miss. Code Ann. §
										75-67-243;
				  Effective date March 30, 2006