MS HB281

Exempts active and retired public employees in the Mississippi Public Employees' Retirement System (PERS) or Mississippi Highway Safety Patrol Retirement System (MHSPRS) from bad check fees and processing penalties when account overdrafts result solely from delayed or erroneous direct deposit by their employer or retirement system.

Requires that employees receive compensation or retirement allowance via direct deposit, have no prior notice of the deposit error, and be unaware of insufficient funds before making transactions for the exemption to apply.

Amends multiple sections of Mississippi Code (81-14-365, 97-19-57, 73-9-43, 73-34-45, 73-35-17, 73-60-29, and 75-67-122) to prohibit charging bad check fees to exempt employees across savings banks, dental boards, real estate appraisers, real estate brokers, home inspectors, and small loan licensees.

Effective date: July 1, 2016.