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MS HB39
Bill
Status
3/6/2012
Primary Sponsor
Percy Watson
Click for details
AI Summary
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Prohibits check cashers from cashing delayed deposit checks for customers with outstanding unpaid delayed deposit checks at other check cashers.
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Requires the Commissioner of Banking to develop and maintain a database where check cashers must record all delayed deposit transactions to prevent violations of maximum outstanding amounts.
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Authorizes the Commissioner of Banking to charge check cashers fees as necessary to maintain the database system.
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Caps the maximum fee charged for cashing delayed deposit checks at an annual percentage rate of 36% per annum on the face amount of the check.
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Takes effect July 1, 2012.
Legislative Description
Check cashers; reduce maximum rate of interest that may be charged for cashing checks.
Last Action
Died In Committee
3/6/2012