Payday Loan in Mississippi. Current State Laws.

State: Mississippi
Statutory Citation: 75-67-501 et seq.
Maximum Loan Amount: $400
Finance Charges: Notwithstanding any other provision of law, no check cashing business licensed under this article shall directly or indirectly charge or collect fees for check cashing services in excess of the following: (a) Three percent of the face amount of the check or $5, whichever is greater, for checks issued by the federal government, state government, or any agency of the state or agency of the state or federal government, or any county or municipality of this state; (b) Ten percent of the face amount of the check or $5, whichever is greater, for personal checks; or (c) Five percent of the face amount of the check or $5, whichever is greater, for all other checks, or for money orders. A licensee shall not directly or indirectly charge any fee or other consideration for cashing a delayed deposit check in excess of 18 percent of the face amount of the check.