Payday Loan Laws




Mississippi Payday loan laws. Mississippi Payday loan legislation.


Mississippi has specific payday advance laws. The permitted fee is 18 % of the face amount of the payday loan amount. The permitted time period is a maximum of 30 days.

The maximum amount of the payday loan allowable is $400.00. Rollovers are prohibited.

For a thorough discussion of the payday loan industry and access to our payday loan training materials, we recommend you proceed to Payday Loan Industry.com

Mississippi Payday Loan Laws & Legislation State Information

Legal Status: Legal (Applies to check cashers only)

Citation:
Miss. Code Ann. ยง 75-67-501 et seq.

Loan Terms:
Maximum Loan Amount: $400
Loan Term: Max: 30 days
Maximum Finance Rate and Fees: 18% of check
Finance Charge for 14-day $100 loan: $22
APR for 14-day $100 loan: 572%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: None (cannot renew or otherwise extend)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: NSF fee; Court-awarded fees (if disclosed)
Criminal Action: Prohibited (When check returned due to NSF)

Regulator: Mississippi Department of Banking and Consumer Finance
Address: 901 Woolfolk Building, Suite A 501 N. West Street Jackson MS 39201
Phone: (601) 359-1031
Fax: (601) 359-3557
Regulatory Contact: Ronny Harrison,, Chief Examiner, Consumer Finance Division
Regulator Website

Links will open in a new window: Mississippi Department of Banking and Consumer Finance
HB455 re: MS Check Casher's Act
Financial Service Centers of America (FiSCA)
Community Financial Services Association of America (CFSA)