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MS HB101
Bill
Status
2/23/2016
Primary Sponsor
Adrienne Wooten
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AI Summary
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Amends Mississippi Code Section 75-67-519 to require licensed check cashers to issue a single check covering the full loan amount for all delayed deposit transactions exceeding $100.00.
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Maintains existing limits on delayed deposit checks: maximum $250.00 with up to 30-day delay, or $250.00-$500.00 with 28-30 day delay as selected by customer.
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Keeps fee caps in place: maximum $20.00 per $100.00 advanced for checks up to $250.00, and $21.95 per $100.00 advanced for checks between $250.00-$500.00.
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Retains prohibitions on renewing or extending delayed deposit checks, repayment through other check cashers, and charging late fees for returned checks or customer default.
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Takes effect July 1, 2016.
Legislative Description
Check cashers; require to extend one check to cover amount of loan for all loans exceeding $100.00.
Last Action
Died In Committee
2/23/2016