MS HB7

Prohibits check cashers from cashing delayed deposit checks for customers who have outstanding delayed deposit checks with other check cashers that have not been fully repaid.

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.

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

Reduces the maximum fee check cashers may charge for delayed deposit checks to an annual percentage rate of 36% per annum on the face amount of the check.

Takes effect July 1, 2013.