Bill Text | History of Actions | Background | Title |
Description: Check Cashers Act; revise licensing requirements and civil penalties.
Bill Text: [Introduced]
| 1 | 01/15 (H) Referred To Banks and Banking | |
| 2 | 01/30 (H) Died In Committee |
| Effective date | Passage | |
| Disposition | Dead | |
| Deadline | General Bill/Constitutional Amendment | |
| Revenue | No | |
| Vote type required | Three/Fifths |
House Committee:
Principal Author: Guice
Code Sections: A 075-0067-0505, A 075-0067-0507, A 075-0067-0515, A 075-0067-0519, A 075-0067-0525, RP 075-0067-0539
Title: AN ACT TO AMEND SECTION 75-67-505, MISSISSIPPI CODE OF 1972, TO REVISE THE LICENSING REQUIREMENTS FOR A CHECK CASHING BUSINESS AND TO PROVIDE THAT A LICENSEE WHO FAILS TO PAY THE ANNUAL RENEWAL FEE SHALL BE LIABLE FOR THE FULL AMOUNT OF THE LICENSE FEE PLUS A PENALTY; TO AMEND SECTION 75-67-507, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT ANY PERSON PRINCIPALLY ENGAGED IN THE RETAIL SALE OF GOODS OR SERVICES WHO ADVERTISES ON THE PHYSICAL GROUNDS OF HIS PLACE OF BUSINESS THAT A CHECK CASHING SERVICE IS PROVIDED SHALL OBTAIN A LICENSE UNDER THIS ARTICLE; TO AMEND SECTION 75-67-515, MISSISSIPPI CODE OF 1972, TO CLARIFY THAT NOTHING IN THIS ARTICLE SHALL PROHIBIT A LICENSEE FROM ISSUING COUPONS TO CUSTOMERS WHICH ARE REDEEMABLE AGAINST A DEFERRED DEPOSIT TRANSACTION PROVIDED THE REDEMPTION RESULTS IN A FINANCIAL BENEFIT TO THE CUSTOMER ON CURRENT OR FUTURE TRANSACTIONS; TO AMEND SECTION 75-67-519, MISSISSIPPI CODE OF 1972, TO AUTHORIZE A LICENSEE TO CHARGE A FEE FOR A RETURNED CHECK DUE TO INSUFFICIENT FUNDS IF THE FEE IS IN THE WRITTEN AGREEMENT; TO AMEND SECTION 75-67-525, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT ANY PERSON WHO ENGAGES IN THE BUSINESS OF CHECK CASHING WITHOUT FIRST SECURING A LICENSE SHALL BE LIABLE FOR THE FULL AMOUNT OF THE LICENSE FEE PLUS A PENALTY; TO CREATE A NEW CODE SECTION TO PROHIBIT THE ADVERTISING, DISPLAYING OR PUBLISHING OF FALSE OR MISLEADING STATEMENTS BY A LICENSEE; TO REPEAL SECTION 75-67-539, MISSISSIPPI CODE OF 1972, WHICH PROVIDES FOR THE REPEAL OF THE MISSISSIPPI CHECK CASHERS ACT; AND FOR RELATED PURPOSES.
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