A credit union may lend to its members at reasonable rates of interest, which shall not exceed one and three-fourths percent (1-3/4%) per month, computed on unpaid balances, or invest the funds accumulated as herein provided. Fines and penalties shall not be considered as interest. A charge of Ten Dollars ($10.00) in lieu of interest may be made on any loan payable in a single payment, and a charge of Fifteen Dollars ($15.00) in lieu of interest may be made on any loan payable in installments.
Structure Mississippi Code
Title 81 - Banks and Financial Institutions
§ 81-13-4. Insurance of accounts by National Credit Union Administration
§ 81-13-9. Restriction of term "credit union."
§ 81-13-12. Authorization to operate as federal credit union
§ 81-13-27. Directors, officers; special duty of directors
§ 81-13-37. Shares and deposits of minors and in trust
§ 81-13-39. Authority to lend or invest funds; interest rates
§ 81-13-45. When borrower may repay loan
§ 81-13-51. Portion of net income set apart at close of fiscal year for reserve fund
§ 81-13-55. Expulsion of members
§ 81-13-57. Refunds to expelled or withdrawing members
§ 81-13-59. Voluntary dissolution
§ 81-13-61. Change of place of business