MS HB275

Active and retired Mississippi public employees who receive direct deposit of compensation or retirement allowances from PERS or MHSPRS would be exempt from bad check fees and penalties when their account is overdrawn solely due to employer or retirement system error in deposit timing

The exemption applies only when the employee had no prior notice of the deposit error before making a withdrawal or writing a check that overdrew their account

Amends multiple sections of Mississippi Code governing fees charged by savings banks, dental licensing boards, real estate appraisal commissions, real estate commissions, home inspector licensing, and consumer loan licensees to prohibit bad check fees for qualifying public employees

Removes the $40 service charge and presumption of intent to defraud in insufficient funds cases when the overdraft was caused by employer deposit error rather than the employee's fault

Effective date: July 1, 2021