37-49-5 - Enforceability of written obligation of minor in consideration of educational loan.
§ 37-49-5. Enforceability of written obligation of minor in consideration of educational loan.
Any written obligation that is not usurious signed by a minor sixteen or more years of age in consideration of an educational loan received by him from any person is enforceable as if he were an adult at the time of execution, but only if prior to the making of the educational loan an educational institution has certified in writing to the person making the educational loan that the minor is enrolled, or has been accepted for enrollment, in the educational institution and only if the making of said educational loan is approved in writing prior to the making thereof by at least one parent, legal guardian or person in loco parentis to said minor.
The laws of the State of Mississippi regarding usury shall be applicable regarding all such loans.
Sources: Codes, 1942, § 6232-103; Laws, 1970, ch. 270, § 3, eff from and after passage (approved March 3, 1970).