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Mississippi Commercial Collection Agency

Like several U.S. states, Mississippi has an assortment of collection laws and statutes of limitations that coincide with the federal Fair Debt Collection Practices Act (FDCPA), to protect resident debtors from harassment they might receive from creditors and other unlawful debt collectors. This page provides a variety of economy data and collection laws in Mississippi including: legal interest rates, open account statute of limitations, collection agency bond and license amounts, and bad check laws.

In 2015, Mississippi’s population was almost 3 million with a per capita spending value at $6,800. This corresponds with the state’s spending of $20.4 billion for that year, which was up 10.4% from $18.3 billion in 2014. State funds contributed $11.4 billion to the state spending amount, while federal funds contributed $8.9 billion. The 2012 state debt was at a staggering $54.6 billion, with per capita debt at more than $18,000 and a per capita ranking of 14. Mississippi’s high debt amount has potentially kept it from improving to an AAA credit rating score, as it’s been a consistent AA rating from 2004–2014. (BallotPedia.org)

Mississippi’s debt collection laws are very similar to federal collection laws. Some differences include its statute of limitations, which states that consumers don’t have to pay a debt that is considered too old. The time period, which is approximately 3 years, forces a debt collector to give up its right to file a suit against a debtor after the time has passed (ProtectingConsumerRights.com). For more information on Mississippi’s collection laws and how they differ from federal collection laws, see the summary below.

SUMMARY OF MISSISSIPPI COLLECTION LAWS*

INTEREST RATE
Legal: 8% – Judgment amount in contract if no contract amount court decides

STATUTE OF LIMITATIONS (IN YEARS)
Open Acct: 3 – Written Contract 3 UCC: 6 – Domestic Judgment 7 – Foreign Judgment 7(3 if resident)

BAD CHECK LAWS (CIVIL PENALTY)
On checks $100 or more – not more than $1000 fee + court may impose fee of no more than 85% of the check value. Criminal penalties & restitution apply.

GENERAL GARNISHMENT EXEMPTIONS
See federal law.

COLLECTION AGENCY BOND & LICENSE
Bond: No – License: City – Business – Fee:$15-$50

* These are not comprehensive statutes and therefore PSICollect.com and Prestige Services, Inc. disclaims any liability resulting from reliance by any party upon the legality and accuracy of the contents thereof.

Below is a list of the states in the US that we cover.
We are a nationwide operation and service all states, as well as Canada & Mexico.

Alabama
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
Puerto Rico

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