MS HB578

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.

Directs the Commissioner of Banking to develop a database requiring check cashers to 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 existing limits on delayed deposit check amounts of up to $250 without written agreement (30 days) and up to $500 with written agreement (28-30 days).

Takes effect July 1, 2018.