MS HB559

Reenacts the Mississippi Check Cashers Act (sections 75-67-501 through 75-67-537) to establish comprehensive licensing and regulatory requirements for check cashing businesses in Mississippi.

Requires check cashers to obtain a license from the Department of Banking and Consumer Finance, pay initial fee of $750.00 and annual renewal fee of $475.00, maintain a $10,000.00 bond, and meet net worth requirements of at least $20,000.00 for first license.

Caps fees that check cashers may charge: 3% or $5.00 (whichever is greater) for government checks, 10% or $5.00 for personal checks, and 5% or $5.00 for other checks or money orders.

Authorizes delayed deposit (payday loan) transactions of up to $500.00 with maximum fees of $20.00 per $100.00 advanced for checks up to $250.00 and $21.95 per $100.00 for checks between $250.00-$500.00, with deposits delayed up to 30 days.

Prohibits check cashing businesses from operating at same location as pawnshops or small loan companies, requires separate physical space with at least 100 square feet, and imposes criminal penalties up to $1,000.00 fine or one year jail time for unlicensed operation.