Small Business Investment Companies

Miss. Code Ann. tit. 79, ch. 7
in effect

Miss. Code Ann. § 79-7-1 Incorporation.

Small business investment companies organized under the provisions of the Small Business Investment Act of 1958, Public Law 699, 85th Congress, may be incorporated in this state under the provisions of Chapter 4, Title 79, Mississippi Code of 1972, except that the charter of any such corporation may include a statement of such powers and limitations as is acceptable to the Small Business Administration and not contrary to law and need not include a statement that the rights and powers that may be exercised by said corporation in addition thereto are those conferred by said Chapter 4, Title 79, Mississippi Code of 1972.

Miss. Code Ann. § 79-7-3 Powers.

Such corporations shall have the authority to exercise all the rights and powers set forth in the said Small Business Investment Act of 1958 as the same may be now or hereafter amended, subject to the limitations of the applicable statutes of this state and the limitations contained in the charter of any such corporation.

Miss. Code Ann. § 79-7-5 Notes, etc., exempted from ad valorem taxes.

All notes or other evidences of indebtedness held by any small business investment company incorporated in this state bearing a rate of interest which is not usurious under the laws of this state shall be exempt from all ad valorem taxes.

Miss. Code Ann. § 79-7-7 Fees and charges for loans.

In addition to such interest charges as may be now or hereafter permitted by law, any small business investment company chartered under the laws of this state may charge to any person, corporation or association who may apply for any loan of money or extension of credit such reasonable fees or charges as may be necessary to cover the actual cost of handling, processing and investigating such applications and such fees or charges shall be exempt from the provisions of the statutes on usury. Provided, however, such fees or charges shall not exceed one percent (1%) of the principal amount of any such loan or credit up to and including the sum of Ten Thousand Dollars ($10,000.00) and one half of one percent (1/2 of 1%) of such principal amount in excess thereof; and no such charge shall exceed the sum of Three Hundred Fifty Dollars ($350.00) for any one transaction.
Source: Public.Resource.Org MS CodeURL: https://unicourt.github.io/cic-code-ms/transforms/ms/ocms/r78/gov.ms.code.title.79.htmlFetched: 10/18/2026

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