Bill Text: MS SB2572 | 2015 | Regular Session | Engrossed
Bill Title: Check cashers; reporting of uncollected payment to credit reporting agency by unlicensed check casher is per se violation.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2015-03-03 - Died In Committee [SB2572 Detail]
Download: Mississippi-2015-SB2572-Engrossed.html
MISSISSIPPI LEGISLATURE
2015 Regular Session
To: Business and Financial Institutions
By: Senator(s) Jackson (15th)
Senate Bill 2572
(As Passed the Senate)
AN ACT TO AMEND SECTION 75-67-525, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT THE REPORTING OF AN UNCOLLECTED AMOUNT OF A DELAYED DEPOSIT CHECK BY ANY PERSON WHO ENGAGES IN THE BUSINESS OF CHECK CASHING WITHOUT FIRST SECURING A LICENSE SHALL CONSTITUTE A PER SE VIOLATION OF THE FEDERAL FAIR CREDIT REPORTING ACT; 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) The reporting of an uncollected amount of a delayed deposit check to a credit reporting agency by any person who engages in the business of check cashing without first securing a license prescribed by this article shall constitute a per se violation of the federal Fair Credit Reporting Act.
SECTION 2. This act shall take effect and be in force from and after its passage.
