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Mississippi Interest Rates Laws

More Information on Interest Rate Laws

Legal Maximum Rate of Interest8% (§75-17-1[1]); contract rate not to exceed greater of 10% or 5% above discount rate (§75-17-1[2])
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 JudgmentsJudgments at contract rate if contract exists; otherwise at per annum rate set by judge (§75-17-7)
ExceptionsResidential 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 [3])

Note: State laws are constantly changing -- contact an attorney or conduct your own legal research to verify the state law(s) you are researching.

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