In Mississippi, a single payment or amortized loan of $2,000 or less cannot have the greater of 10% APR or 5% above discount rate(APR). We have rates for unsecured loan of $2,000 with APR greater than the maximum annual contract rate for commercial banks in MS.

I think this is usurious but somewhere, in the back of my mind, I believe there is a caveat to this rule. I'm remembering a rule called the Most Favored Lender. Can anyone help me with this?

You would probably have better luck in your state forum.

Have you contacted your state bankers' assn?