Mississippi Administrative Code
Title 25 - Military and Veterans - Veterans' Home Purchase Board
Part 202 - Loan Policies
Chapter 19 - NSF Policy
Rule 25-202-19.1 - Policy

This policy must be flexible and requires that each case be considered on an individual basis using professional judgment.

Accounting personnel will maintain a NSF log on the (G) share drive which will show who has had NSF checks in the past, when and how many they have sent.

On the first occasion that a borrower sends an NSF check, we should send the borrower a letter along with their personal check asking that they replace this with another check which should include a $35.00 NSF Fee. If the borrower calls and provides a valid reason for the NSF check, we can waive the NSF fee and the borrower can send another check to replace the original one.

Upon receiving a NSF check from a borrower a second time, we should return the check to the borrower with a letter requesting another check be sent with the $35.00 NSF fee included with their payment amount.

Upon receiving a NSF check from a borrower a third time within a twelve month period, we should require that the NSF fee of $35.00 be included with their payment in the form of certified funds. The borrower may be required to send their payment in the form of certified funds for a period of six months from this point. After this six-month period the borrower may again be allowed to send their payment in the form of a personal check.

Please keep in mind this NSF policy only gives general guidance and professional judgment should be used with each case.

Miss. Code Ann. § 35-7-7