Delinquent Notice Process

Delinquent Notice Process. Each loan agreement shall provide for monthly payments, semi-annual payments, or other periodic payments. Invoices will be sent to communities with an active loan based upon the payment schedule. Payments are due on the first day of the month in which payments are scheduled to be made. Failure to submit timely payments may result in the following procedures: A. If a community is 30 days delinquent, MDA may issue a letter stating the catch- up amount, terms of their loan agreement and explain the process for turning collection over to the State Auditor. B. If a community is 60 days delinquent, MDA may issue the same letter with the new catch-up amount. C. If a community is 90 days delinquent, MDA may issue the same letter with the new catch-up amount. D. If a community is 120 days delinquent, MDA may issue a letter stating in 30 days if catch-up payment amount has not been received, then MDA will turn the community over to the state auditor. E. If a community is 180 days delinquent, MDA may request the State Auditor to audit the receipts and expenditures of the loan (Section 57-1-303(5)). If the State Auditor finds that the county or municipality is in arrears in payments, he shall immediately notify the Executive Director of the Department of Finance and Administration who shall withhold all future payments to the county of homestead exemption reimbursements under Section 27-33-77 and all sums allocated to the county or the municipality under Section 27-65-75 until such time as the county or the municipality is again current in its loan payments as certified by the Mississippi Development Authority. Miss. Code Ann. § 57-40-1 et. seq. (1972, as amended).