Mississippi Code
General Provisions
§ 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.

Structure Mississippi Code

Mississippi Code

Title 75 - Regulation of Trade, Commerce and Investments

Chapter 17 - Interest, Finance Charges, and Other Charges

General Provisions

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

§ 75-17-5. Discount, interest, bank issues

§ 75-17-7. Interest on judgments and decrees

§ 75-17-9. Partial payments applied

§ 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 c...

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

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

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

§ 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

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

§ 75-17-25. Meaning of "finance charge"; exclusion of prepayment penalties and default charges; effect of excessive finance charge

§ 75-17-27. Late payment charges

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

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

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

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