consumer resources

consumer alerts

Protect yourself against scammers by staying informed.  Learn about recent scams and how to recognize the warning signs.

Current Discount Rate

The Commissioner of the Department of Banking and Consumer Finance has authority to pronounce and establish an “equivalent index” using the Federal Funds Target Rate, less 50 basis points, in lieu of the now non-existent discount rate on ninety-day commercial paper established under the Federal Reserve System. This establishes the published Discount Rate for use by regulated institutions provided for in Section 75-17-33, Mississippi Code of 1972, Annotated, and in accordance with the Attorney General's Opinion requested by John S. Allison dated August 22, 2003.

Banking and Consumer Hearing Procedures

Procedures for administrative hearings before the Mississippi Department of Banking and Consumer Finance (Department) are governed by rules and regulations adopted in accordance with its statutory authority.  These rules and regulations provide a general guideline for the conduct of proceedings which the Department has been charged by law to conduct relating to the businesses, professions, and licenses under its jurisdiction.

The Rule of 78S

It is difficult to understand, yet nearly all financial institutions use it. In Mississippi and other states, it is a method of figuring your cost and refund of credit insurance and/or finance charges on a precomputed credit transaction. A "precomputed" account is one which the account balance includes the finance charge and each month the full payment is subtracted from the balance. If the account pays off before maturity, a rebate of the unearned finance charge is given based on a method called "the Rule of 78s."

Scroll to Top