Loading chat...
MS HB189
Bill
Status
2/3/2015
Primary Sponsor
Adrienne Wooten
Click for details
AI Summary
-
Prohibits check cashers from cashing a delayed deposit check for customers who have an outstanding delayed deposit check with another check casher that has 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 to charge fees to check cashers as necessary to maintain the database system.
-
Reduces the maximum fee that 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, 2015.
Legislative Description
Check cashers; reduce maximum rate of interest that may be charged for cashing checks.
Last Action
Died In Committee
2/3/2015