Bill Text: MS HB1334 | 2018 | Regular Session | Introduced
Bill Title: Check cashing; increase the maximum fee that check cashing businesses may charge for certain checks.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2018-01-30 - Died In Committee [HB1334 Detail]
Download: Mississippi-2018-HB1334-Introduced.html
MISSISSIPPI LEGISLATURE
2018 Regular Session
To: Banking and Financial Services
By: Representative Middleton
House Bill 1334
AN ACT TO AMEND SECTION 75-67-517, MISSISSIPPI CODE OF 1972, TO INCREASE THE FEE THAT CHECK CASHING BUSINESSES MAY CHARGE FOR CASHING CHECKS; TO BRING FORWARD SECTION 75-67-507, MISSISSIPPI CODE OF 1972, RELATING TO THE LIMITED APPLICATION OF CERTAIN CHECK CASHING PROVISIONS, FOR PURPOSES OF AMENDMENT; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 75-67-517, Mississippi Code of 1972, is amended as follows:
75-67-517. Notwithstanding any other provision of law, no check cashing business licensed under this article shall directly or indirectly charge or collect fees for check cashing services in excess of the following:
(a) Three percent (3%)
of the face amount of the check or * * * Fifteen Dollars
($15.00), whichever is greater, for checks issued by the federal
government, state government, or any agency of the state or agency of the state
or federal government, or any county or municipality of this state.
(b) Ten percent (10%)
of the face amount of the check or * * * Fifteen Dollars
($15.00), whichever is greater, for personal checks.
(c) Five percent (5%)
of the face amount of the check or * * * Fifteen Dollars
($15.00), whichever is greater, for all other checks, or for money orders.
A licensee may not advance monies on the security of any personal check unless the presenter attests that the check being presented is drawn on a legitimate, open and active account. Except as provided by Section 75-67-519, any licensee who cashes a check for a fee shall deposit the check not later than three (3) business days from the date the check is cashed.
SECTION 2. Section 75-67-507, Mississippi Code of 1972, is brought forward as follows:
75-67-507. The provisions of this article shall not apply to:
(a) Any bank, trust company, savings association, savings and loan association, savings bank or credit union which is chartered under the laws of this state or under federal law and domiciled in this state.
(b) Any person who cashes checks at their face value and does not charge the consumer a fee or otherwise receive any consideration from the consumer.
(c) Any person principally engaged in the retail sale of goods or services who, either as an incident to or independently of a retail sale, may from time to time cash checks for a fee, not exceeding three percent (3%) of the face amount of the check or Ten Dollars ($10.00), whichever is greater. However, the fee shall be conspicuously posted for public view.
SECTION 3. This act shall take effect and be in force from and after July 1, 2018.
