The holder may, if the contract or refinancing agreement so provides, collect a delinquency and collection charge on a contract evidencing the sale of a commercial vehicle in an amount not exceeding Five Dollars ($5.00) or four percent (4%) of the amount of any delinquency in default for a period of not less than fifteen (15) days, whichever is greater, but in no event to exceed Fifty Dollars ($50.00), and on all other retail installment contracts a delinquency and collection charge in an amount not in excess of five percent (5%) or Five Dollars ($5.00), whichever is less, on each installment in default for a period of not less than ten (10) days. In addition to such delinquency and collection charge, the contract may provide for the payment of court costs and of attorneys' fee not exceeding fifteen per cent (15%) of the amount actually due and unpaid at the time the balance of the contract is accelerated and the entire amount thereof is declared to be due, if the same is referred to an attorney for collection. However, no such attorneys' fee may be charged or collected where the attorney to whom the contract was referred for collection is a salaried employee of the holder of the contract.
Structure Mississippi Code
Title 63 - Motor Vehicles and Traffic Regulations
Chapter 19 - Motor Vehicle Sales Finance Law
§ 63-19-7. Requirement of license
§ 63-19-9. Application for license
§ 63-19-15. Specification as to location of office in license; display of license
§ 63-19-19. Liability of licensee for acts of agents
§ 63-19-21. Procedure for denial, suspension or revocation of license; judicial review
§ 63-19-23. Investigations and examinations of licensees
§ 63-19-25. Filing and examination of complaints against licensees
§ 63-19-27. Payment of expenses of examination by licensee
§ 63-19-29. Issuance of subpoenas; administration of oaths; enforcement of subpoenas, etc.
§ 63-19-31. Execution, terms and delivery of retail installment contract
§ 63-19-33. Purchase of insurance pursuant to retail installment contract
§ 63-19-35. Delinquency and collection charges; court costs and attorneys' fees
§ 63-19-37. Transfer of equity in motor vehicle; transfer fee
§ 63-19-41. Restriction of remedies of buyer against holder
§ 63-19-45. Assignment of retail installment contract
§ 63-19-47. Payment of debt in full prior to maturity
§ 63-19-51. Administration of chapter
§ 63-19-52. Administration of chapter; issuance of rules and regulations