Bill Text: MS HB880 | 2015 | Regular Session | Introduced

Mississippi House Bill 880 (Prior Session Legislation)

Introduced

Bill Title: Check cashers; transaction shall be void if person engages in the business without a license.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2015-02-03 - Died In Committee [HB880 Detail]

Download: Mississippi-2015-HB880-Introduced.html

MISSISSIPPI LEGISLATURE

2015 Regular Session

To: Banking and Financial Services

By: Representative Zuber

House Bill 880

AN ACT TO AMEND SECTION 75-67-525, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT IF A PERSON ENGAGES IN THE BUSINESS OF CHECK CASHING WITHOUT FIRST SECURING A LICENSE, THE CHECK CASHING TRANSACTION CONTRACT SHALL BE VOID AND THE PERSON SHALL HAVE NO RIGHT TO COLLECT ANY PRINCIPAL, CHARGES OR FEES IN CONNECTION WITH THE TRANSACTION; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. Section 75-67-525, Mississippi Code of 1972, is amended as follows:

75-67-525. (1) Any person who engages in the business of check cashing without first securing a license prescribed by this article shall be guilty of a misdemeanor and upon conviction thereof, shall be punishable by a fine not in excess of One Thousand Dollars ($1,000.00) or by confinement in the county jail for not more than one (1) year, or both.

(2) Any person who engages in the business of check cashing without first securing a license prescribed by this article shall be liable for the full amount of the license fee, plus a penalty in an amount not to exceed Twenty-five Dollars ($25.00) for each day that the person has engaged in the business without a license. All licensing fees and penalties shall be paid into the Consumer Finance Fund of the Department of Banking and Consumer Finance. (3) If a person engages in the business of check cashing without first securing a license prescribed by this article, the check cashing transaction contract shall be void and the person shall have no right to collect, receive or retain any principal amount provided in the check cashing transaction, nor any charges or fees in connection with the transaction.

SECTION 2. This act shall take effect and be in force from and after July 1, 2015.