MCA Chapter 17

in effect

Miss. Code Ann. § 75-17-1 Legal rates of interest and finance charges.

The legal rate of interest on all notes, accounts and contracts shall be eight percent (8%) per annum, calculated according to the actuarial method, but contracts may be made, in writing, for payment of a finance charge as otherwise provided by this section or as otherwise authorized by law. Any borrower or debtor may contract for and agree to pay a finance charge for any loan or other extension of credit made directly or indirectly to a borrower or debtor which will result in a yield not to exceed the greater of ten percent (10%) per annum or five percent (5%) per annum above the discount rate, excluding any surcharge thereon, on ninety-day commercial paper in effect at the Federal Reserve bank in the Federal Reserve district where the lender is located, each calculated according to the actuarial method. The rate of finance charge authorized under this subsection (2) shall be known as the “contract rate.” Notwithstanding the foregoing and any other provision of law to the contrary, any partnership, joint venture, religious society, unincorporated association, or domestic or foreign corporation, whether organized for profit or nonprofit, may contract for and agree to pay a finance charge which will result in a yield not to exceed the greater of fifteen percent (15%) per annum or five percent (5%) per annum above the discount rate, excluding any surcharge thereon, on ninety-day commercial paper in effect at the Federal Reserve bank in the Federal Reserve district where the lender is located, each calculated according to the actuarial method, on any contract, loan, extension of credit or other obligation under which the principal balance to be repaid shall originally exceed Two Thousand Five Hundred Dollars ($2,500.00), or on any series of advances of money pursuant to a contract if the aggregate of sums advanced or originally proposed to be advanced shall exceed Two Thousand Five Hundred Dollars ($2,500.00); and as to any such agreement, the claim or defense of usury by such partnership, joint venture, religious society, unincorporated association, or corporation, or their successors, guarantors, assigns or anyone on their behalf is prohibited. Notwithstanding the foregoing and any other provision of law to the contrary, any borrower or debtor may contract for and agree to pay a finance charge which will result in a yield not to exceed the greater of ten percent (10%) per annum or five percent (5%) per annum above the index of market yields of the Monthly Twenty-Year Constant Maturity Index of Long-Term United States Government Bond Yields, as compiled by the United States Treasury Department, each calculated according to the actuarial method, on any loan, mortgage or advance which is secured by a lien on residential real property or by a lien on stock in a residential cooperative housing corporation where the loan, mortgage or advance is used to finance the acquisition of such stock. The term “residential real property,” as used in this subsection, means real estate upon which there is located or to be located a structure or structures designed in whole or in part for residential use, or which comprises or includes one or more apartments, condominium units or other dwelling units. Notwithstanding the foregoing and any other provision of law to the contrary, any borrower or debtor may contract for and agree to pay and any lender or extender of credit may contract for and receive any finance charge agreed to in writing by the parties, notwithstanding that such charge is in excess of that otherwise allowed on any contract, credit sale, obligation or other extension of credit, regardless of the security taken or the purpose of the extension of credit, under which the principal balance to be repaid originally exceeds Two Thousand Dollars ($2,000.00), or on any series of advances of money pursuant to a contract if the aggregate of sums advanced or originally proposed to be advanced exceeds Two Thousand Dollars ($2,000.00), or on any extension or renewal thereof; and as to any such agreement, the claim or defense of usury or violation of any law prescribing, limiting or regulating the rate of finance charge by any borrower or debtor, or his successors, guarantors, assigns or anyone on his behalf is prohibited. Notwithstanding the foregoing and any other provisions of law to the contrary, the outstanding balance of a prior loan or lease of a motor vehicle used as a trade-in, as well as other items that are capitalized or amortized during the lease term, may be included in a lease for a motor vehicle, provided that the rate of finance charge associated with the lease contract does not at any time exceed the finance charge limitations specified in Section 63-19-43.

Miss. Code Ann. § 75-17-3 Evasion of six percent interest law; interest forfeited if higher rate secretly exacted.

If any person shall lend to another any sum of money and take any note or evidence of debt which shall stipulate a rate of interest not greater than six (6) per centum per annum after the date of the loan or after maturity, but who shall in fact contract for, charge, collect or receive as compensation or consideration for, or as the result of, such loan, directly or indirectly, a sum of money in excess of six (6) per centum per annum from the date of the loan, or a sum of money when taken with the interest contracted for, is in excess of six (6) per centum per annum from the date of the loan, such person shall forfeit all interest, and if the interest shall have been paid, same may be recovered by suit.

Miss. Code Ann. § 75-17-5 Discount, interest, bank issues.

The issues, bills, notes, bonds, or certificates of deposit of any bank, corporation, or association of persons formed for banking purposes, or possessing banking privileges, situated within or without the limits of this state, shall not be loaned in this state by any agent, officer or person employed by, or having any interest in or connection with, any such bank, corporation, or association of persons, at a greater rate of discount or interest than is allowed by the laws of this state. All contracts and agreements made in violation of the provisions of this section shall, as to the whole of the discount or interest allowed or paid, or agreed to be allowed or paid, be void, and the discount or interest may be recovered back by the person suffering such discount or paying such interest.

Miss. Code Ann. § 75-17-7 Interest on judgments and decrees.

All judgments or decrees founded on any sale or contract shall bear interest at the same rate as the contract evidencing the debt on which the judgment or decree was rendered. All other judgments or decrees shall bear interest at a per annum rate set by the judge hearing the complaint from a date determined by such judge to be fair but in no event prior to the filing of the complaint.

Miss. Code Ann. § 75-17-9 Partial payments applied.

When partial payments are made, the interest that has accrued to the time of payment, if any, shall be first paid, and the residue of such partial payment shall be placed to the payment of the principal, except that the parties may agree in writing that such partial payment, or any portion thereof, shall be applied first to the payment of principal, in which case the residue shall be applied to the payment of interest that has accrued to the time of payment.

Miss. Code Ann. § 75-17-11 Rate of interest, amount of finance charge or rate of finance charge where specified to be paid at period of less than one year; payment earlier than final maturity; computation of interest upon prepayment of note; usurious rates; notes containing final balloon payment.

When any particular rate of interest per annum or amount of finance charge or rate of finance charge is specified in any contract, note or evidence of indebtedness, it shall not be construed as any increase of said rate of interest or amount of finance charge or rate of finance charge merely that the interest at the specified rate per annum or amount of finance charge or rate of finance charge is stipulated to be paid quarterly, or semiannually, or at any other period less than a year, nor shall the fact that the principal and interest or finance charge is paid at a date earlier than the final maturity date of the contract, note or evidence of indebtedness be taken as any increase of the rate per centum or amount of finance charge or rate of finance charge although paid for the whole period of the contract, note or evidence of indebtedness and regardless of whether or not there is a contractual right of prepayment. Upon prepayment of any contract, note or evidence of indebtedness with the agreement of the lender or holder of such contract, note or evidence of indebtedness before final maturity, whether voluntarily, involuntarily by acceleration or otherwise, and whether by cash, renewal or otherwise, any rebate of interest or finance charge may be computed by the sum of the digits method, commonly referred to as the Rule of 78’s method, by the actuarial method, or by the simple interest method. The use of any such method to compute a rebate of interest or finance charge shall not be considered or result in any penalty, prepayment or otherwise, nor be deemed to increase the yield, annual percentage rate, amount of finance charge, rate of finance charge, amount of interest charge, or rate of interest charge. Any such contract, note, or evidence of indebtedness and all provisions thereof shall be valid for the amount of the principal, interest, and finance charges contracted for or received, and such contract, note or evidence of indebtedness shall not be held usurious. However, with respect to a note containing a final balloon payment provision originally payable to a bank and executed after July 1, 1990, the Rule of 78’s method may not be used to compute any rebate of finance charges that may be due upon prepayment if the resulting yield would be usurious.

Miss. Code Ann. § 75-17-13 Liability for issuance of unsolicited credit cards; penalty for collection of excessive finance charge.

If any credit card is issued to a person who has not requested or accepted by use the issuance of such credit card, the issuer shall be liable to the person whose name appears on the credit card for any damages or expenses, or both, including attorney’s fees, which the person incurs due to the use of such credit card without permission of the person to whom it is issued by any person other than the person to whom it is issued or members of his immediate family. Any person who shall willfully collect finance charges under a revolving charge agreement in excess of the maximum permitted under Section 75-17-19 shall be guilty of a misdemeanor, and, upon conviction, may be fined not more than Five Hundred Dollars ($500.00). Each account on which such excess finance charges shall be collected shall constitute a separate offense.

Miss. Code Ann. § 75-17-15 Small Loan Regulatory Law and Small Loan Privilege Tax Law Licensees; default charge; application of payments.

Any licensee under the provisions of the Small Loan Regulatory Law (Section 75-67-101 et seq.), and the Small Loan Privilege Tax Law (Section 75-67-201 et seq.), may contract for and receive a default charge not to exceed five percent (5%) of that portion of an installment which continues unpaid for ten (10) days or more following the date such payment is due, including Sundays and holidays. In no case shall such default charge exceed five dollars ($5.00). Such default charge shall not be collected more than once on the same installment. For the purpose of this section, payments shall be applied first to current installments and then to delinquent installments.

Miss. Code Ann. § 75-17-17 Law governing loans made or credit extended prior to July 1, 1974.

Loans made and credit extended prior to July 1, 1974, shall continue to be governed by the provisions of laws governing such loans and extensions of credit which were in force at the time such loans or extensions of credit were made, including laws repealed hereby except that finance charges contracted for or received prior to July 1, 1974, shall not be unlawful if the finance charge contracted for or received conforms with the provisions of Chapter 564, Laws of 1974 or other law then in effect. Any loan or note renewed, refinanced, deferred or otherwise extended or altered on or after July 1, 1974, shall conform with the provisions of Sections 63-17-13, 75-17-1, 75-17-13 through 75-17-17, 75-67-127 and 75-67-217.

Miss. Code Ann. § 75-17-19 Finance charges for credit extended pursuant to revolving charge agreement; annual fees for membership in credit card plan; late payment charges; billing and collection of finance charges; finance charges for closed end credit sales; issuer and debtor may agree to certain terms; 30-day’s notice to debtor of any modification of terms.

Notwithstanding any provision of law to the contrary, any retail seller and any lender or issuer of credit cards may contract for and receive a finance charge for credit sales of goods, services or merchandise certificates or for cash advanced or other credit extended pursuant to a revolving charge agreement by applying a periodic rate no greater than one and three-fourths percent (1-3/4%) per month to: The average daily balance of the account, exclusive of finance charge, in each billing period; An amount that shall not exceed the balance of the account, exclusive of finance charge, on the first day of each billing period without adding purchases or miscellaneous debits to the account during the billing period; or Any balance of the account during each billing period which does not produce an amount of finance charge in excess of that permitted by (a) or (b). Notwithstanding the foregoing and any other provision of law to the contrary, any bank which is an issuer of credit cards may contract for and receive, in addition to any finance charges authorized by law, an annual fee for membership in a credit card plan pursuant to a revolving charge agreement and such fee shall not be considered a finance charge. Such fee shall not exceed Twelve Dollars ($12.00) per year for an account where the cardholder is a natural person. However, any credit card issuer which does so contract for an annual membership fee may, notwithstanding the provisions of subsection (1) of this section, contract for and receive a finance charge for credit sales of goods, services or merchandise certificates or for cash advanced or other credit extended pursuant to a revolving charge agreement by applying a periodic rate no greater than one and one-half percent (1-1/2%) per month to: The average daily balance of the account, exclusive of finance charge, in each billing period; An amount that shall not exceed the balance of the account, exclusive of finance charge, on the first day of each billing period without adding purchases or miscellaneous debits to the account during the billing period; or Any balance of the account during each billing period which does not produce an amount of finance charge in excess of that permitted by (a) or (b). Notwithstanding the foregoing and any other provision of law to the contrary, any bank, retail seller, lender or other issuer of credit cards may contract for and receive, in addition to any finance charges authorized by law, late payment charges in connection with the credit sales of goods, services or merchandise certificates or for cash advanced pursuant to a revolving charge agreement in such amounts and upon such terms and conditions as may be agreed to in writing by the bank, retail seller, lender or other issuer of credit cards and the borrower or debtor, and such charges and fees shall not be considered a finance charge. No finance charge may be charged or collected for purchases made by the use of credit cards or credit sales of goods or services or merchandise certificates if the outstanding balance of the account existing on the first day of the billing statement where such purchases initially appear is paid in full within one (1) month after such billing statement date. If a finance charge is otherwise due and the amount of the finance charge so computed shall be less than Fifty Cents (50¢) for any such month, a finance charge of Fifty Cents (50¢) for any such month may be charged, received and collected. Any payment made pursuant to a revolving charge agreement shall be applied first to any finance charge shown to be due on the billing statement, next to repayment of cash advanced or other credit extended, and finally to the chronological repayment of purchases of goods, services or merchandise certificates. The billing statement shall not state that Mississippi law requires the imposition of a finance charge. The term “month” as used in this subsection and in subsections (1) and (2) of this section means either (a) a calendar month or (b) a minimum of thirty (30) consecutive calendar days, or (c) the number of days elapsing between the same numerical calendar day of successive calendar months, or (d) a number of days which does not vary by more than four (4) days from such period nor result in more than twelve (12) billing periods per year. “Revolving charge agreement” means an agreement by the terms of which retail sellers may sell goods, services, merchandise certificates, or by which a lender or issuer finances the purchase of goods or services or by which a lender makes cash advances, by the use of credit cards or otherwise, pursuant to which the amount financed is payable either within a stated period or in installments over a period of time, and the terms of which may provide for finance charges to be assessed on the unpaid balance as it exists from time to time; the term “revolving charge agreement” does not include the lending of money evidenced by a promissory note. The term “cash advances” includes credit extended by a lender to a borrower, or to any other person for the account of a borrower, pursuant to a written agreement, by the use of checks, drafts or other similar instruments. Notwithstanding the foregoing and any other provision of law to the contrary, any retail seller may contract for and receive a finance charge for closed end credit sales of goods, tangible property or services, other than pursuant to a revolving charge agreement, which will result in a yield not to exceed the following annual percentage rates calculated according to the actuarial method: Twenty-four percent (24%) per annum on that part of the unpaid balance of the amount financed which is Two Thousand Five Hundred Dollars ($2,500.00) or less; and Twenty-one percent (21%) per annum on that part of the unpaid balance of the amount financed which is more than Two Thousand Five Hundred Dollars ($2,500.00). Notwithstanding the foregoing and any other provisions of law to the contrary, any bank, retail seller, lender or other issuer of credit cards may provide in the written credit card agreement for such products, services, charges and fees as the bank, retail seller, lender or other issuer of credit cards and the debtor may agree upon (excluding, however, the finance charges provided for in subsection (1) of this section), and such other terms and conditions as the bank, retail seller, lender or other issuer of credit cards and the debtor may agree upon from time to time, and the costs associated with those products, services, charges and fees shall not be considered a finance charge or an annual fee. If any bank, retail seller, lender or other issuer of credit cards desires to modify in any respect any term of the credit card account, it shall first provide at least thirty (30) days’ prior written notice of the modification to the debtor. In providing that notice, the bank, retail seller, lender or other issuer of credit cards shall advise the debtor in writing that the debtor has the option (a) to surrender the credit card, in which case the debtor shall have the right to continue to pay off the credit card account in the same manner and under the same terms and conditions as then in effect; or (b) to hold the credit card after the thirty-day period has elapsed, or to use the credit card during that period, either of which shall constitute the debtor’s consent to the modification.

Miss. Code Ann. § 75-17-21 Maximum finance charges by licensees under Small Loan Regulatory Law and Small Loan Privilege Tax Law; lender option to use rates under this section or Section 75-67-181.

For any consumer installment loan that a licensee under the Small Loan Regulatory Law and the Small Loan Privilege Tax Law makes, the licensee has the option to either lend at the rates and fees indicated under this section or at the rates and charges authorized under Section 75-67-181. Except as provided in Section 75-67-181, but notwithstanding any other provision of law to the contrary, the maximum finance charge which may be contracted for and received for any loan or extension of credit made by a licensee under the Small Loan Regulatory Law (Section 75-67-101 et seq.) and the Small Loan Privilege Tax Law (Section 75-67-201 et seq.) may result in a yield not to exceed the following annual percentage rates calculated according to the actuarial method: Thirty-six percent (36%) per annum for the portion of the unpaid balance of the amount financed that is not greater than One Thousand Dollars ($1,000.00); Thirty-three percent (33%) per annum for the portion of the unpaid balance of the amount financed in excess of One Thousand Dollars ($1,000.00) but not greater than Two Thousand Five Hundred Dollars ($2,500.00); Twenty-four percent (24%) per annum for the portion of the unpaid balance of the amount financed in excess of Two Thousand Five Hundred Dollars ($2,500.00) but not greater than Five Thousand Dollars ($5,000.00); Fourteen percent (14%) per annum for the portion of the unpaid balance of the amount financed in excess of Five Thousand Dollars ($5,000.00). As an alternative and in lieu of the rates established in paragraphs (a), (b), (c) and (d) of subsection (1), on loans in an amount of Twenty-five Thousand Dollars ($25,000.00) or more, a licensee may contract for and receive a maximum finance charge which will result in a yield not to exceed an annual percentage rate, calculated according to the actuarial method, of eighteen percent (18%) per annum on the unpaid balance of the amount financed. A licensee choosing to lend at the rates indicated under this section may contract for and charge a closing fee as follows: For loans in the amount of Ten Thousand Dollars ($10,000.00) or less, four percent (4%) of the total payments due on the loan or Twenty-five Dollars ($25.00), whichever is greater; For loans in an amount greater than Ten Thousand Dollars ($10,000.00), a maximum charge of Five Hundred Dollars ($500.00). Such closing fee shall not be part of the finance charge. The rates set forth in paragraph (a) of subsection (1) may be increased by the number of percentage points by which the discount rate, excluding any surcharge thereon, on ninety-day commercial paper in effect at the Federal Reserve bank in the Federal Reserve district where the lender is located exceeds eight percent (8%), and the rates set forth in paragraphs (b), (c) and (d) of subsection (1) may be increased by the number of percentage points by which the discount rate, excluding any surcharge thereon, on ninety-day commercial paper in effect at the Federal Reserve bank in the Federal Reserve district where the lender is located exceeds ten percent (10%). Except as provided in Section 75-67-181, the finance charges authorized in this section are the maximum rates which may be contracted for or received for any loan or extension of credit made by a licensee under the Small Loan Regulatory Law (Section 75-67-101 et seq.), and the Small Loan Privilege Tax Law (Section 75-67-201 et seq.). Nothing in this section shall prohibit lending money or handling, negotiating or arranging loans for a finance charge that is less than that specified herein. This section does not limit or restrict the manner of contracting for the finance charge, whether by way of add-on, discount or otherwise, so long as the annual percentage rate of the finance charge does not exceed that permitted by this section or Section 75-67-181.

Miss. Code Ann. § 75-17-23 Maximum finance charges in connection with sales of factory manufactured moveable homes.

Notwithstanding any provision of law to the contrary, the maximum finance charge which may be contracted for or received for any loan or extension of credit made by any lender or by any retail seller in connection with sales of factory manufactured moveable homes may result in a yield not to exceed the following annual percentage rates calculated according to the actuarial method: Twenty-five percent (25%) per annum on that part of the unpaid balance of the amount financed which does not exceed One Thousand Dollars ($1,000.00); Eighteen percent (18%) per annum on that part of the unpaid balance of the amount financed which is more than One Thousand Dollars ($1,000.00) but does not exceed Two Thousand Five Hundred Dollars ($2,500.00); The greater of fifteen percent (15%) per annum or five percent (5%) per annum above the discount rate, excluding any surcharge thereon, on ninety-day commercial paper in effect at the Federal Reserve bank in the Federal Reserve district where the lender or retail seller is located, on that part of the unpaid balance of the amount financed which is more than Two Thousand Five Hundred Dollars ($2,500.00).

Miss. Code Ann. § 75-17-25 Meaning of “finance charge”; exclusion of prepayment penalties and default charges; effect of excessive finance charge.

The term “finance charge” as used in this section, Sections 63-19-43, 75-17-1, 75-17-11, 75-17-13, 75-17-15, 75-17-17, 75-17-19, 75-17-21, 75-17-23, 75-17-27, 75-17-29, 75-17-33, 75-67-123, 75-67-127, 75-67-181 and 75-67-217 means the amount or rate paid or payable, directly or indirectly, by a debtor for receiving a loan or incident to or as a condition of the extension of credit, including, but not limited to, interest, brokerage fees, finance charges, loan fees, discount, points, service charges, transaction charges, activity charges, carrying charges, time price differential, finder’s fees or any other cost or expense to the debtor for services rendered or to be rendered to the debtor in making, arranging or negotiating a loan of money or an extension of credit and for the accounting, guaranteeing, endorsing, collecting and other actual services rendered by the lender; however, recording fees, motor vehicle title fees, attorney’s fees, insurance premiums, fees or charges permitted to be charged under the provisions of Section 75-67-121, fees permitted to be charged under the provisions of Section 79-7-7, service charges as provided in Section 81-19-31, and with respect to a debt secured by an interest in land, bona fide closing costs and appraisal fees incidental to the transaction shall not be included in the finance charge. The term “finance charge,” as used in this section and the sections enumerated above, shall not include any fees for the set up, establishment, processing or maintenance of a loan to a plan participant from a retirement plan intending to be tax-qualified (within the meaning of 26 USCS Section 401 et seq.) that are paid or payable directly or indirectly by the plan participant to the plan record keeper or third-party administrator. Subject to the other provisions of this section, Sections 63-19-43, 75-17-1, 75-17-13, 75-17-15, 75-17-17, 75-17-19, 75-17-21, 75-17-23, 75-17-27, 75-17-29, 75-17-33, 75-67-127 and 75-67-217, the finance charge may be calculated on the assumption that the indebtedness will be discharged as it becomes due, and prepayment penalties and statutory default charges shall not be included in the finance charge. Nothing in Section 75-17-1 or Section 75-17-19, 75-17-21, 75-17-23, 75-17-27, 75-17-29 or 75-17-33 shall limit or restrict the manner of contracting for such finance charge, whether by way of add-on, discount or otherwise, so long as the annual percentage rate does not exceed that permitted by law. If a greater finance charge than that authorized by applicable law shall be stipulated for or received in any case, all interest and finance charges shall be forfeited, and may be recovered back, whether the contract be executed or executory. If a finance charge be contracted for or received that exceeds the maximum authorized by law by more than one hundred percent (100%), the principal and all finance charges shall be forfeited and any amount paid may be recovered by suit. The provisions of this section, Section 75-17-1 and Sections 75-17-19, 75-17-21, 75-17-23, 75-17-27, 75-17-29 and 75-17-33 shall not restrict the extension of credit pursuant to any other applicable law. A licensee under the Small Loan Regulatory Law (Section 75-67-101 et seq.), and the Small Loan Privilege Tax Law (Section 75-67-201 et seq.), may contract for and receive finance charges as authorized by Section 75-17-21 or 75-67-181, and the late payment charge as authorized by Section 75-17-27, regardless of the purpose for which the loan or other extension of credit is made.

Miss. Code Ann. § 75-17-27 Late payment charges.

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 such delinquency is more than fifteen (15) days past due; provided, however, that such 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 One Hundred Thousand Dollars ($100,000.00) or less having a stated maturity of five (5) years or less, such late payment charge shall in no event exceed Fifty Dollars ($50.00).

Miss. Code Ann. § 75-17-29 Prohibition against use of multiple agreements to obtain excessive finance charge.

No lender or other person shall use multiple notes, accounts, contracts or agreements with intent to obtain a higher finance charge than permitted by law. If a finance charge be stipulated for or received in any case in violation of this section, all interest and finance charges shall be forfeited.

Miss. Code Ann. § 75-17-31 Limitations on prepayment penalties with respect to loans for certain real estate.

No lender or other person shall charge a sum or prepayment penalty for the prepayment of any note or evidence of a debt secured in whole or in part by lien on real estate greater than the following: Five percent (5%) of the unpaid principal balance if prepaid during the first year; Four percent (4%) of the unpaid principal balance if prepaid during the second year; Three percent (3%) of the unpaid principal balance if prepaid during the third year; Two percent (2%) of the unpaid principal balance if prepaid during the fourth year; One percent (1%) of the unpaid principal balance if prepaid during the fifth year; No penalty if prepaid more than five (5) years from date of the note creating the debt. This section shall apply only to loans, the security for which is a lien on real estate comprising a single family dwelling or a single family condominium unit, or on real estate used primarily for agricultural or livestock purposes. This section shall not apply where a greater penalty is required by any law or regulation of the United States of America, or agency thereof. In addition, this section shall not apply to any agricultural loan made by an originator or a certified facility in accordance with 12 USCS Section 2279aa et seq. that is included in a pool for which the Federal Agricultural Mortgage Corporation has provided a guarantee.

Miss. Code Ann. § 75-17-33 Announcement of discount rates and indices by Commissioner of Banking and Consumer Finance; recording of maximum finance charge rates.

The Commissioner of Banking and Consumer Finance, upon any change in the discount rate on ninety-day commercial paper by the Federal Reserve bank of a Federal Reserve district of which this state is a part, shall (a) make an official announcement of the new discount rate on the same day as the change, or as soon thereafter as possible, (b) cause the dissemination of such announcement to the news media in such manner as he deems appropriate, and (c) file the same with the Commissioner of Insurance or his successor. The rate so determined shall be effective from the date of the official announcement of the new discount rate by the Commissioner of Banking and Consumer Finance. The Commissioner of Banking and Consumer Finance shall determine, on or before the twentieth day of each month, the index of market yields of the Monthly Twenty-Year Constant Maturity Index of Long-Term United States Government Bond Yields for the preceding calendar month and shall (a) make an official announcement of the index, (b) cause the dissemination of such announcement to the news media in such manner as he deems appropriate, and (c) file the same with the Commissioner of Insurance or his successor. The index so determined shall be effective on the first day of the next succeeding month. In contracting for a finance charge pursuant to the provisions of Section 75-17-1 or Sections 75-17-21 and 75-17-23, any person shall be entitled to rely conclusively upon the most recent discount rate or index officially announced by the Commissioner of Banking and Consumer Finance. The Commissioner of Banking and Consumer Finance shall acquire, keep and maintain a separate record in which he shall note or post the maximum permissible rates of finance charges available under Section 75-17-1 and Sections 75-17-21 and 75-17-23. Each rate so determined shall be the maximum permissible rate of finance charge available under each particular section or subsection thereof, and when certified by the Commissioner of Banking and Consumer Finance shall be admissible in evidence or judicially noticed as the maximum permissible rate of finance charge under the provisions of that particular section or subsection.

Miss. Code Ann. § 75-17-35 Computation of interest on refunds of excess rates by public utilities.

Notwithstanding any provision of law to the contrary, the lawful rate of interest which shall be paid on a refund of excess rates by any public utility which has put rates into effect under bond, as provided for in Sections 77-3-39, 77-3-69 and 77-3-71, shall be computed from the date of collection until the date refunds are made and shall be equal to a rate which is two percent (2%) above the average discount rate for the total period under bond, excluding any surcharge thereon, on ninety-day commercial paper in effect at the Federal Reserve bank in the Federal Reserve district where the public utility has its principal place of business.

Miss. Code Ann. § 75-17-101 Maximum interest rate on general obligation and limited obligation tax bonds.

Unless otherwise provided by law, general obligation and limited obligation tax bonds issued by the State of Mississippi or a county, municipality or political subdivision thereof and described in Sections 19-9-19, 21-33-315, 21-41-43, 37-27-65, 37-29-103, 37-29-109, 37-29-113, 37-59-27, 41-13-21, 51-29-63, 51-31-61, 51-33-37, 51-33-39, 57-1-29, 59-3-11, 59-5-45, 59-7-19, 59-7-109, 59-9-37, 59-9-65, 59-13-9, 61-5-17 and 65-19-25, Mississippi Code of 1972, shall not bear a greater overall maximum interest rate to maturity than eleven percent (11%) per annum.

Miss. Code Ann. § 75-17-103 Maximum interest rate on revenue bonds.

Unless otherwise provided by law, revenue bonds issued by the State of Mississippi or a county, municipality or political subdivision thereof and described in Sections 17-17-115, 19-5-183, 19-29-33, 21-27-45, 21-27-71, 21-27-179, 29-3-169, 37-101-91, 37-101-93, 41-13-21, 43-33-25, 43-33-537, 43-35-21, 49-17-105, 51-35-331, 57-7-3, 57-31-9, 59-7-417, 59-7-505, 59-9-41, 61-3-41, 61-5-17, 65-13-37, 69-5-15, 77-5-27 and 77-5-739, Mississippi Code of 1972, shall not bear a greater overall maximum interest rate to maturity than thirteen percent (13%) per annum.

Miss. Code Ann. § 75-17-105 Maximum interest rate on tax anticipation notes.

Unless otherwise provided by law, tax anticipation notes and reappraisal notes issued by the State of Mississippi or a county, municipality or political subdivision thereof and described in Sections 19-9-27, 19-13-17, 21-33-325, 21-33-325.1, 27-39-325, 37-29-101, 37-29-267, 37-29-425, 37-41-93, 37-59-37, 37-59-39, 37-59-41, 51-7-15, 51-7-27, 51-29-5 and 51-31-73, Mississippi Code of 1972, shall bear interest at a rate not to exceed eleven percent (11%) per annum.

Miss. Code Ann. § 75-17-107 Maximum interest rate on interim financing in anticipation of confirmed grant or loan.

Unless otherwise provided by law, interim financing in anticipation of a confirmed grant or loan by the State of Mississippi or a county, municipality or political subdivision thereof and described in Sections 19-9-28 and 21-33-326, Mississippi Code of 1972, shall bear interest at a rate not to exceed nine percent (9%) per annum.