MISSISSIPPI LEGISLATURE
2004 Regular Session
To: Banking and Financial Services
By: Representative Guice
AN ACT TO AMEND SECTION 75-17-27, MISSISSIPPI CODE OF 1972, TO REDUCE THE AMOUNT OF LOANS FOR WHICH A LATE PAYMENT CHARGE IS CAPPED AT FIFTY DOLLARS; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 75-17-27, Mississippi Code of 1972, is amended as follows:
75-17-27. 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 the delinquency is more than fifteen (15) days past due; * * * however, the 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 Ten Thousand Dollars ($10,000.00) or less having a stated maturity of five (5) years or less, the late payment charge shall not exceed Fifty Dollars ($50.00).
SECTION 2. This act shall take effect and be in force from and after July 1, 2004.