Mississippi Company Setup Guide:
Here is the link to APR Calculations and Common Percentages
Please note that the guidelines below are simply comments about how we have seen a Mississippi client set up their TLP for their company, and Mississippi state regulations obviously supersede these comments. You should be very careful to make sure your company setup complies with all current Mississippi and Federal regulations, which are subject to change and interpretation. This is a "sample" company setup for a single Mississippi client, and the options you choose may be different if you elect to operate your company differently.
Interest rate: 25.00% MPR. For daily interest loans done on an accrued loan length period of 30 days, the Initial box will be checked and Recurring will be checked.
If there is a Title Lien Fee and daily interest is being used, the title lien fee (normally $10.00 or $15.00) should be set up as a "Fixed Rate" with Initial and Financed checked and Recurring not checked. This should not be entered on the line immediately below the Interest line, but on the next line below (line two is reserved for origination fees that convert to renewal fees and other special instances). If your company does not charge a Title Lien Fee, simply change the amount field to 0.00 or blank out the field.
It is our understanding that in Mississippi, daily interest are unlimited in length. Therefore, the Max Term field should be blank, the Accrual Period should be "Loan Length," the Max Days should be 0 or blank, and the Due Date Calculation will be either blank or "Default" if the due date is to be changed in fixed 30 day periods, or "with payment" if the next due day is to be 30 days from the day a client pays bringing his or her account current, or "buying days" if the payment is divided by the daily interest amount to determine how many days have been "bought" with the payment.
Alternate interest, renewals and special minimum payment calculations do not apply to Mississippi, and these fields should be left blank.
For the contract, select a contract that starts with MS for Mississippi. Once you have determined the contract you want to use, please call us if any contract wording needs to be changed.
For the receipt, select Receipt3 or higher. Some clients find Receipt3 confusing when used with daily interest, so you may want to use Receipt4 or higher. If you are doing amortized installment loans and want the payoff figure as of the payment day to appear on the receipt, you should use Receipt4.