Mississippi Interest Rates Laws
|Legal Maximum Rate of Interest||8% (§75-17-1); contract rate not to exceed greater of 10% or 5% above discount rate (§75-17-1)|
|Penalty for Usury (Unlawful Interest Rate)||Forfeit all interest and finance charge; if rate exceeds maximum by 100%, any amount paid (principal or interest) may be recovered; person willfully charging usurious rates guilty of misdemeanor and fine up to $1000 (§75-67-119)|
|Interest Rates on Judgments||Judgments at contract rate if contract exists; otherwise at per annum rate set by judge (§75-17-7)|
|Exceptions||Residential real property loan (§75-17-1); mobile homes (§75-17-23); partnership, joint venture, religious society, unincorporated assoc. or domestic or foreign corp. (75-17-1 )|
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