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MS SB2572
Bill
AI Summary
- Amends Section 75-67-525 of Mississippi Code to add a new subsection (3) addressing unlicensed check cashing operations
- Establishes that reporting an uncollected delayed deposit check amount to a credit reporting agency by an unlicensed check casher constitutes a per se violation of the federal Fair Credit Reporting Act
- Maintains existing penalties for unlicensed check cashing: misdemeanor punishable by fine up to $1,000 and/or up to one year in county jail
- Maintains existing civil liability of full license fee plus penalty up to $25 per day of unlicensed operation, with fees and penalties paid to the Consumer Finance Fund
- Takes effect upon passage
Legislative Description
Check cashers; reporting of uncollected payment to credit reporting agency by unlicensed check casher is per se violation.
Last Action
Died In Committee
3/3/2015
Committee Referrals
Banking and Financial Services2/24/2015
Business and Financial Institutions1/19/2015
Full Bill Text
No bill text available