Bill Text: MS SB2750 | 2017 | Regular Session | Introduced
Bill Title: MS Check Cashers Act; remove restrictions pertaining to the operation of other businesses at the same location.
Sponsorship: Partisan Bill (Republican 1)
Status: (Failed) 2017-01-31 - Died In Committee [SB2750 Detail]
Download: Mississippi-2017-SB2750-Introduced.html
MISSISSIPPI LEGISLATURE
2017 Regular Session
To: Business and Financial Institutions
By: Senator(s) Parks
Senate Bill 2750
AN ACT TO AMEND SECTION 75-67-505, MISSISSIPPI CODE OF 1972, TO REMOVE THE RESTRICTIONS ON CHECK CASHING LICENSEES WITH REGARD TO THE OPERATION OF OTHER BUSINESSES AT THE SAME LOCATION; TO AMEND SECTION 22, CHAPTER 500, LAWS OF 2016, TO REMOVE THE SECTIONS OF LAW SUBJECT TO REPEAL UNDER THE MISSISSIPPI CREDIT AVAILABILITY ACT WHICH PERTAIN TO THE CHECK CASHERS ACT AND THE TITLE PLEDGE LOAN ACT; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 75-67-505, Mississippi Code of 1972, is amended as follows:
75-67-505. (1) (a) A
person may not engage in business as a check casher or otherwise portray
himself as a check casher unless the person has a valid license authorizing
engagement in the business. Any transaction that would be subject to this
article that is made by a person who does not have a valid license under this
article shall be null and void. A separate license is required for each place
of business under this article and each business must be independent of, and
not a part of, any other business operation. * * *
(b) A check cashing business
shall (i) have a definitive United States postal address and E911 address; (ii)
comply with local zoning requirements; (iii) have a minimum of one hundred
(100) square feet with walls from floor to ceiling separating the operation
from any other businesses; * * *
( * * *iv)
have proper signage; and ( * * *v) maintain separate books and
records. Any licensee who does not cash any delayed deposit checks as
authorized under Section 75-67-519 shall not be subject to the requirements of
subparagraphs (i) * * *
and (iii) * * * of this paragraph.
(c) A licensed check
casher may sell, at the same location as his check cashing business, the
following items and services: money orders; income tax preparation service;
copy service; wire transfer service; notary service; pagers; pager service;
prepaid cellular service; debit card; prepaid telephone cards; prepaid
telephone service; and operate a processing center where utility bills, credit
card payments and other payments are collected from the general public and
governmental and private payments are distributed. In the event a licensee
accepts wire transfers in the form of a direct deposit of a payroll check or
other similar types of deposit, the licensee shall not encumber any transferred
funds against a deferred deposit agreement or any delinquent deferred deposit
agreement with such customer. The commissioner may authorize additional
functions in addition to those provided in this subsection that may be
performed in the same location as * * * a check cashing business, but shall
authorize the offering of credit availability transactions as provided in
Sections 75-67-601 through 75-67-637.
(d) The commissioner may issue more than one (1) license to a person if that person complies with this article for each license. A new license is required upon a change, directly or beneficially, in the ownership of any licensed check casher business and an application shall be made to the commissioner in accordance with this article.
(2) When a licensee wishes to move a check casher business to another location, the licensee shall give thirty (30) days' prior written notice to the commissioner who shall amend the license accordingly.
(3) Each license shall remain in full force and effect until relinquished, suspended, revoked or expired. With each initial application for a license, the applicant shall pay the commissioner at the time of making the application a license fee of Seven Hundred Fifty Dollars ($750.00), and on or before September 1 of each year thereafter, an annual renewal fee of Four Hundred Seventy-five Dollars ($475.00). If the annual renewal fee remains unpaid twenty-nine (29) days after September 1, the license shall thereupon expire, but not before the thirtieth day of September of any year for which the annual fee has been paid. If any licensee fails to pay the annual renewal fee before the thirtieth day of September of any year for which the renewal fee is due, then the licensee 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 licensee has engaged in business after September 30. All licensing fees and penalties shall be paid into the Consumer Finance Fund of the Department of Banking and Consumer Finance.
(4) Notwithstanding other provisions of this article, the commissioner may issue a temporary license authorizing the operator of a check casher business on the receipt of an application for a license involving principals and owners that are substantially identical to those of an existing licensed check casher. The temporary license is effective until the permanent license is issued or denied.
SECTION 2. Section 22, Chapter 500, Laws of 2016, is amended as follows:
Section 22. Sections 1 through 19 of this act shall stand repealed on July 1, 2018.
SECTION 3. This act shall take effect and be in force from and after July 1, 2017.
