5 Miss. Code. R. 3-6-6.10 - Collection Fees Allowed After Default

1. If an account holder fails to make a payment for more than sixty (60) days, the Licensee may thereafter deem the credit availability agreement in default and place such in collection.

2. If placed in collection, the Licensee may charge and collect the following fees in connection with any such default, provided that such fees are clearly disclosed in the credit availability agreement:

(a) If the Licensee is required to employ a third party, including an attorney, to collect on the account the Licensee may:

(i) If the credit availability agreement so provides, charge and collect a reasonable collection fee and attorney's fee; and

(ii) If the credit availability agreement so provides, shall be entitled to recover from the account holder all court costs incurred and to recover any court-awarded damages, including those incurred on appeal.

(b) If applicable, the Licensee may charge and collect from the account holder any fees and costs relating to the repossession and sale of collateral, including, but not limited to, fees and costs associated with the repossession, storage, preparation for sale and sale of collateral. Proof of these expenses shall be maintained in the account holder's file.

Notes

5 Miss. Code. R. 3-6-6.10

Miss. Code Ann. § 75-67-619(6).

Adopted 3/3/2021

None of these fees may be charged and collected unless and until the account holder is in default for more than 60 days. In other words, collection fees cannot be assessed until day 61 of default.