Mississippi Administrative Code
Title 25 - Military and Veterans - Veterans' Home Purchase Board
Part 202 - Loan Policies
Chapter 12 - Late Charge Assessment Policy
Rule 25-202-12.4 - Collection of Late Fees

It is the policy of the VHPB to collect late fee charges when occurred, however, we understand that there are times when the customer, because of bankruptcy or other financial difficulties require the postponement of the payment of the late fee and the posting of the payment without the late fee. The acceptance of partial payment must be approved by the Servicing Department Supervisor or the Executive Director. When this occurs, the customer is to be contacted and arrangements are to be made to collect the past due late fees. Those customers who have accumulated large late fee balances due to bankruptcies or other financial difficulties will be contacted for a payment plan approved by the Servicing Department Supervisor of the Executive Director once it is determined that the customer has the ability to repay.

Miss. Code Ann. § 35-7-7