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MS HB12

Bill

Official Source

Status

Failed

1/31/2017

Primary Sponsor

Adrienne Wooten

Click for details

Origin

House of Representatives

2017 Regular Session

AI Summary

  • Requires licensed check cashers to extend one check to cover the full loan amount for all delayed deposit loans exceeding $100.00, instead of potentially issuing multiple checks
  • Maintains existing caps on delayed deposit check amounts at $250.00 maximum (up to 30 days) and $250.00-$500.00 with 28-30 day agreements, with total customer maximum of $500.00 including fees
  • Preserves existing fee caps of $20.00 per $100.00 advanced for checks up to $250.00 and $21.95 per $100.00 for checks between $250.00-$500.00
  • Takes effect July 1, 2017

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

1/31/2017

Committee Referrals

Banking and Financial Services1/3/2017

Full Bill Text

No bill text available