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Free Payday Loan Newsletter. The frequency is typically once each month. If you have an interest in the payday loan industry, YOU NEED OUR Payday Loan NEWSLETTER!

WE PROMISE to never sell, give-away, or abuse your contact info. You will receive a confirmation email from us immediately.

Missouri Payday loan laws. Missouri Payday loan legislation.


8-17-2012: Missouri Secretary of State Robin Carnahan ruled Tuesday the minimum wage and payday loan initiative petitions did not meet the signature requirements and therefore will not appear on the November ballot.

The state Supreme Court ruled July 31 that both ballot measures passed the legal requirements, but Carnahan decided that each measure did not obtain the necessary amount of voter signatures.

Missouri has specific payday advance laws. Total fees, including rollovers, cannot exceed 75% of the initial loan amount. The permitted time period is a minimum of 14 days and a maximum of 31 days.

The maximum amount of the payday loan allowable is $500.00. Rollovers are limited to 6, but the borrower must reduce the principal by at least 5% with each rollover.

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

8-17-2012: Missouri Secretary of State Robin Carnahan ruled Tuesday the minimum wage and payday loan initiative petitions did not meet the signature requirements and therefore will not appear on the November ballot.

The state Supreme Court ruled July 31 that both ballot measures passed the legal requirements, but Carnahan decided that each measure did not obtain the necessary amount of voter signatures.

Mississippi Payday Loan Laws & Legislation State Information

Legal Status: Legal (Applies to check cashers only)

Citation:
Miss. Code Ann. 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)

Where to Complain, Get Information:
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

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