MS HB102

Prohibits check cashers from cashing a delayed deposit check for anyone with an outstanding delayed deposit check at another check casher that has not been fully repaid.

Requires the Commissioner of Banking to develop a database where check cashers must record all delayed deposit transactions to prevent violations of maximum amounts outstanding.

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, 2016.