House Bill 455 Summary

• Reenacts and amends the Mississippi Check Cashers Act (sections 75-67-501 through 75-67-537) and makes transactions by unlicensed check cashers null and void.

• Increases maximum face amount of delayed deposit checks from $400 to $500, with new fee structure of $20 per $100 advanced for checks up to $250 and $21.95 per $100 advanced for checks between $250-$500.

• Allows delayed deposit periods of up to 30 days for checks not exceeding $250, and 28-30 days (customer's choice) for checks between $250-$500.

• Requires licensees to provide customers with a commissioner-prepared pamphlet describing transaction details, customer rights and responsibilities, and consumer hotline numbers before entering into delayed deposit transactions.

• Extends the repealer date of the Check Cashers Act from July 1, 2012 to July 1, 2015.