Mississippi § 81-21-17 - Delinquency charges; collection costs.
Full text of Mississippi Mississippi Code of 1972 Annotated § 81-21-17 — Delinquency charges; collection costs., with citation guidance and answers to common questions.
§ 81-21-17. Delinquency charges; collection costs.
A premium finance agreement may provide for the payment by the insured of a delinquency charge of up to five percent (5%) of any installment which is in default for a period of more than five (5) days. If the premium finance agreement is primarily for personal, family or household purposes then the maximum delinquency charge shall be Fifteen Dollars ($15.00). If the default results in the cancellation of any insurance contract listed in the agreement, the agreement may provide for the payment by the insured of a cancellation charge of Fifteen Dollars ($15.00). The agreement may also provide for a returned check fee of Fifteen Dollars ($15.00) for each installment payment check returned by the bank. A premium finance agreement may provide for payment of collection costs and attorney’s fees equal to twenty percent (20%) of the outstanding indebtedness if the premium finance agreement is referred for collection to a collection agency or to an attorney who is not a salaried employee of the premium finance company. None of the charges referred to in this section shall be considered, directly or indirectly, in determining whether a violation of the usury laws has occurred under a premium finance agreement.
Source: official Mississippi text · Last verified 2026-08-27
Frequently Asked Questions About Mississippi § 81-21-17
What does Mississippi Code of 1972 Annotated § 81-21-17 cover?
Section 81-21-17 ("Delinquency charges; collection costs.") 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 § 81-21-17?
A common citation format is "Mississippi Code of 1972 Annotated § 81-21-17" (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 § 81-21-17 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.