MS HB14

Prohibits check cashers from cashing a delayed deposit check for any person who has an outstanding delayed deposit check with another check casher that has not been repaid in full.

Requires the Commissioner of Banking to develop a database where check cashers must record each delayed deposit transaction to prevent violations of maximum outstanding amounts, with authority to charge fees to check cashers to maintain the 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.

Maintains the maximum delayed deposit check amount at $500, with customers limited to a maximum of $500 outstanding at any time.

Takes effect July 1, 2017.