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Interest on unpaid invoices in Mississippi: 8% a year if no rate was agreed; the most you can set depends on the deal (not fully confirmed)
In Mississippi, 8% a year if no rate was agreed; the most you can set depends on the deal (not fully confirmed). Read from Mississippi's own statutes, agencies and courts, checked November 6, 2026, with every answer quoted below, and a late fee calculator.
Mississippi's rate when no rate was agreed
Not fully confirmed: from the search listing. Mississippi's free official code is hosted on LexisNexis, and its full sections sit behind a CAPTCHA, so some quotes here are the section text its search results show. Each answer resting only on such a quote says so.
8% a year · not fully confirmed: from the official code site's search listing. 8% a year on all notes, accounts and contracts where no other rate is agreed in writing. Judgments on a sale or contract bear the contract rate; other judgments a rate set by the judge (75-17-7).
- “The legal rate of interest on all notes, accounts and contracts shall be eight percent (8%) per annum, calculated according to the actuarial method, but contracts may be made, in writing, for payment of a finance charge as otherwise provided by this section or as otherwise authorized by law.” — Miss. Code Ann. § 75-17-1(1) (Mississippi Code public access, search result text), read November 6, 2026, from the official code site's search listing
- “All judgments or decrees founded on any sale or contract shall bear interest at the same rate as the contract evidencing the debt on which the judgment or decree was rendered.” — Miss. Code Ann. § 75-17-7 (Mississippi Code public access, search result text), read November 6, 2026, from the official code site's search listing
The most you can set in Mississippi
For a homeowner: Greater of 10% or 5% above the Fed discount rate on 90-day commercial paper · not fully confirmed: from the official code site's search listing. § 75-17-1(2), for any loan or other extension of credit agreed by the borrower/debtor. It depends: see Miss. Code Ann. § 75-17-1.
For a business customer: It depends: see Miss. Code Ann. § 75-17-1 · not fully confirmed: from the official code site's search listing.
- “Any borrower or debtor may contract for and agree to pay a finance charge for any loan or other extension of credit made directly or indirectly to a borrower or debtor which will result in a yield not to exceed the greater of ten percent (10%) per annum” — Miss. Code Ann. § 75-17-1(2) (Mississippi Code public access, search result text), read November 6, 2026, from the official code site's search listing
- “borrower or debtor which will result in a yield not to exceed the greater of ten percent (10%) per annum or five percent (5%) per annum above the discount rate, excluding any surcharge thereon, on ninety-day” — Miss. Code Ann. § 75-17-1(2) (continued) (Mississippi Code public access, search result text), read November 6, 2026, from the official code site's search listing
Late fees in Mississippi
What the text says · not fully confirmed: from the official code site's search listing: A late payment charge of up to the greater of $5 or 4% of the delinquent amount, only if contracted for in writing and only when the payment is more than 15 days past due. General provision in the interest/finance-charge chapter (Miss. Code Ann. § 75-17-27).
- “A late payment charge, not exceeding Five Dollars ($5.00) or four percent (4%) of the amount of any delinquency, whichever is greater, if contracted for in writing, shall not be considered a finance charge, but no such charge shall be made unless such delinquency is more than fifteen (15) days past due; provided, however, that such late payment charge may be collected only one (1) time on a specific installment and no late payment charge may be collected on a partial payment resulting from the deduction of a late payment charge from a regular scheduled payment.” — Miss. Code Ann. § 75-17-27 (Mississippi Code public access, search result text), read November 6, 2026, from the official code site's search listing
Does Mississippi want it agreed in advance?
Agreed in advance: yes, in the cases below · not fully confirmed: from the official code site's search listing. The late payment charge must be 'contracted for in writing' (75-17-27); a finance charge above the 8% legal rate needs a written contract (75-17-1(1)).
- “A late payment charge, not exceeding Five Dollars ($5.00) or four percent (4%) of the amount of any delinquency, whichever is greater, if contracted for in writing, shall not be considered a finance charge, but no such charge shall be made unless such delinquency is more than fifteen (15) days past due; provided, however, that such late payment charge may be collected only one (1) time on a specific installment and no late payment charge may be collected on a partial payment resulting from the deduction of a late payment charge from a regular scheduled payment.” — Miss. Code Ann. § 75-17-27 (Mississippi Code public access, search result text), read November 6, 2026, from the official code site's search listing
Prompt payment on private construction in Mississippi
What the text says · not fully confirmed: from the official code site's search listing: Owner → contractor: progress payments not paid within 30 days of the due date bear 1% a month from the due date. Contractor → subs/suppliers: a penalty of 1/2 of 1% per day after a 15-day period. Construction contracts other than public construction contracts (Miss. Code Ann. 87-7-3, 87-7-5).
- “All sums due contractors under all construction contracts, except public construction contracts, shall be paid as follows: (a) Partial, progress or interim payments: all partial, progress or interim payments or monies owed contractors shall be paid when due and payable under the terms of the contract. If they are not paid within thirty (30) calendar days from the day they were due and payable, then they shall bear interest from the due date at the rate of one percent (1%) per month until fully paid.” — Miss. Code Ann. § 87-7-3(a) (Mississippi Code public access, search result text), read November 6, 2026, from the official code site's search listing
- “a penalty in the amount of one-half of one percent (½ of 1%) per day of the delinquency, calculated from the expiration of the fifteen-day period until fully paid” — Miss. Code Ann. § 87-7-5 (Mississippi Code public access, search result text), read November 6, 2026, from the official code site's search listing
Work out a late charge in Mississippi
Set your own rate.
What was not checked for Mississippi
- Mississippi's § 75-17-1 past subsection (2), and the end of § 75-17-27, could not be seen in the search listing.
- Whether Mississippi's prompt-payment rule leaves out homes (any residential exclusion) was not checked.
- Mississippi's rule on the final payment (Miss. Code Ann. § 87-7-3(b)) was not read.
Check Mississippi's own text
Before you charge: read Mississippi's free official code, Mississippi Code, free public access, and the Mississippi texts quoted on this page, or ask a lawyer. As of November 6, 2026.
This is a plain-words summary of each state's own laws as of November 6, 2026, not legal advice. Rules have exceptions. Check the state's own text, linked on every state's page, or a lawyer before you charge a late fee or interest.
Compare Mississippi with every state's answer, or with its neighbours just below.
Official sources for Mississippi
- Miss. Code Ann. § 75-17-1(1) (Mississippi Code public access, search result text) — read November 6, 2026 (search listing)
- Miss. Code Ann. § 75-17-7 (Mississippi Code public access, search result text) — read November 6, 2026 (search listing)
- Miss. Code Ann. § 75-17-1(2) (Mississippi Code public access, search result text) — read November 6, 2026 (search listing)
- Miss. Code Ann. § 75-17-27 (Mississippi Code public access, search result text) — read November 6, 2026 (search listing)
- Miss. Code Ann. § 87-7-3(a) (Mississippi Code public access, search result text) — read November 6, 2026 (search listing)
- Miss. Code Ann. § 87-7-5 (Mississippi Code public access, search result text) — read November 6, 2026 (search listing)
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