When an entity that is authorized by the laws of this state to make loans or grant extensions of credit is paid by check to retire all or a part of a loan or extension of credit, and such check is returned because of insufficient funds, and the lender is charged a fee or service charge as a result of such return, the lender shall be authorized to add the actual amount of such fee or service charge up to a maximum amount of Fifteen Dollars ($15.00) to the principal of the unpaid balance of the loan or extension of credit.
Miss. Code Ann. § 97-19-81
Right of lender to add fee to amount of loan when payment on loan made with bad check
Applied in 1 court decision — leading case 575 So. 2d 1 - Berry v. State (1990)
Most recently applied in 575 So. 2d 1 - Berry v. State (December 1990)
Laws, 1988, ch. 551, § 5, eff from and after July 1, 1988.
Current official text: Mississippi Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Mississippi statutes; confirm against the official source for the current text. Not legal advice.