81-19-31 - Service charge not to be construed as finance charge or interest. - Mississippi Statutes

§ 81-19-31. Service charge not to be construed as finance charge or interest.
 

Notwithstanding any provision of law to the contrary and specifically Section 75-17-25, Mississippi Code of 1972, a service charge as defined in this chapter shall not be construed to be finance charge or interest when paid to a licensed consumer loan broker by a borrower, or by a lender on behalf of and at the direction of the borrower, if the payment is made pursuant to a written contract between the consumer loan broker and the borrower as required by this chapter. 
 

Sources: Laws,  1992, ch. 485, § 16, eff from and after July 1, 1992.