MS HB780

Prohibits check cashers from cashing a delayed deposit check for any person who has an outstanding delayed deposit check with another check casher that has not been repaid in full.

Requires the Commissioner of Banking to develop and maintain a database where check cashers must record each delayed deposit transaction to prevent violations of the maximum outstanding amount.

Authorizes the Commissioner to charge fees to check cashers as necessary to maintain the database system.

Reduces the maximum fee that check cashers may charge for cashing a delayed deposit check to an annual percentage rate of 36% per annum on the unpaid principal amount (previously had no specified cap).

Takes effect July 1, 2011.