Mississippi § 81-15-17 - Discount of note or other obligation to be approved; when interest above eight percent permitted.
Full text of Mississippi Mississippi Code of 1972 Annotated § 81-15-17 — Discount of note or other obligation to be approved; when interest above eight percent permitted., with citation guidance and answers to common questions.
§ 81-15-17. Discount of note or other obligation to be approved; when interest above eight percent permitted.
No organization hereby authorized shall, without the approval of the Federal Farm Loan Board, discount any note or other obligation, upon which the original borrower has been charged a rate of interest exceeding by more than one and one-half percent per annum the discount rate of said Federal Intermediate Credit Bank at the time the loan was made. But any organization hereby authorized may charge the original borrower a rate of interest equal to the current discount rate of said Federal Intermediate Credit Bank plus such excess as may be approved by the Federal Farm Loan Board, and if such rate shall amount to more than eight percent per annum the same shall not invite any penalty, nor constitute a violation of any interest or usury law of this state.
Source: official Mississippi text · Last verified 2026-08-27
Frequently Asked Questions About Mississippi § 81-15-17
What does Mississippi Code of 1972 Annotated § 81-15-17 cover?
Section 81-15-17 ("Discount of note or other obligation to be approved; when interest above eight percent permitted.") is part of the Mississippi Code of 1972 Annotated, the codified statutory law of Mississippi. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Mississippi § 81-15-17?
A common citation format is "Mississippi Code of 1972 Annotated § 81-15-17" (Mississippi). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Mississippi law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Mississippi official source linked on this page or consult a licensed Mississippi attorney.
How does Mississippi § 81-15-17 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Mississippi can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Mississippi.