transferssg977

H.
B.
No.
455*HR40/R977SG*G3/511/HR40/R977SGPAGE1(RF\BD)To:BankingandFinancialServicesMISSISSIPPILEGISLATUREREGULARSESSION2011By:RepresentativeFlaggsHOUSEBILLNO.
455(AsSenttoGovernor)ANACTTOREENACTSECTIONS75-67-501THROUGH75-67-537,1MISSISSIPPICODEOF1972,WHICHARETHEMISSISSIPPICHECKCASHERS2ACT;TOAMENDREENACTEDSECTION75-67-505,MISSISSIPPICODEOF31972,TOPROVIDETHATANYTRANSACTIONTHATWOULDBESUBJECTTOTHE4CHECKCASHERSACTTHATISMADEBYAPERSONWHODOESNOTHAVEA5VALIDLICENSEUNDERTHEACTSHALLBENULLANDVOID;TOAMEND6REENACTEDSECTION75-67-519,MISSISSIPPICODEOF1972,TOPROVIDE7THATTHEPERIODOFADELAYEDDEPOSITCHECKOFNOTMORETHAN8$250.
00MAYBEFORUPTO30DAYS,ANDTHEPERIODOFADELAYED9DEPOSITCHECKOFMORETHAN$250.
00BUTNOTMORETHAN$500.
00SHALL10BEFOR28TO30DAYS,ASSELECTEDBYTHECUSTOMER,WITHTHE11LICENSEEHAVINGTHEOPTIONTODEPOSITORCOLLECTTHECHECK;TO12INCREASETHEMAXIMUMFACEAMOUNTOFADELAYEDDEPOSITCHECKTO13$500.
00ANDINCREASETHEMAXIMUMAMOUNTTHATACUSTOMERMAYHAVE14OUTSTANDINGATANYTIMETO$500.
00;TOREVISETHEMAXIMUMFEEFOR15CASHINGADELAYEDDEPOSITCHECKFROMAPERCENTAGEOFTHEFACE16VALUEOFTHECHECKTOASTATEDDOLLARAMOUNTPER$100.
00ADVANCED;17TOPROVIDETHATTHEMAXIMUMFEEFORCASHINGADELAYEDDEPOSIT18CHECKOFNOTMORETHAN$250.
00SHALLBE$20.
00PER$100.
0019ADVANCED,ANDTHEMAXIMUMFEEFORCASHINGADELAYEDDEPOSITCHECK20OFMORETHAN$250.
00BUTNOTMORETHAN$500.
00SHALLBE$21.
95PER21$100.
00ADVANCED;TOREQUIRELICENSEESTOPROVIDETHECUSTOMERA22PAMPHLETPREPAREDBYTHECOMMISSIONEROFBANKINGTHATDESCRIBES23GENERALINFORMATIONABOUTTHETRANSACTIONANDABOUTTHECUSTOMER'S24RIGHTSANDRESPONSIBILITIESINTHETRANSACTIONANDINCLUDESTHE25CONSUMERHOTLINEPHONENUMBERTOTHEMISSISSIPPIDEPARTMENTOF26BANKINGANDCONSUMERFINANCEANDTOTHEMISSISSIPPIATTORNEY27GENERAL'SOFFICE,BEFOREENTERINGINTOADELAYEDDEPOSIT28TRANSACTION;TOAMENDSECTION75-67-539,MISSISSIPPICODEOF1972,29TOEXTENDTHEDATEOFTHEREPEALERONTHECHECKCASHERSACT;AND30FORRELATEDPURPOSES.
31BEITENACTEDBYTHELEGISLATUREOFTHESTATEOFMISSISSIPPI:32SECTION1.
Section75-67-501,MississippiCodeof1972,is33reenactedasfollows:3475-67-501.
Thisarticleshallbeknownandmaybecitedas35the"MississippiCheckCashersAct.
"36SECTION2.
Section75-67-503,MississippiCodeof1972,is37reenactedasfollows:38H.
B.
No.
455*HR40/R977SG*11/HR40/R977SGPAGE2(RF\BD)75-67-503.
Thefollowingwordsandphrasesusedinthis39articleshallhavethefollowingmeaningsunlessthecontext40clearlyindicatesotherwise:41(a)"Appropriatelawenforcementagency"meansthe42sheriffofeachcountyinwhichthelicenseemaintainsanoffice,43orthepolicechiefofthemunicipalityinwhichthelicensee44maintainsanoffice,orlawenforcementofficersoftheDepartment45ofPublicSafety.
46(b)"AttorneyGeneral"meanstheAttorneyGeneralof47theStateofMississippi.
48(c)"Check"meansanycheck,draft,moneyorder,49personalmoneyorder,pre-authorizedcustomerdraft,orother50instrumentforthetransmissionorpaymentofmoneyasdetermined51bytheCommissionerofBankingandConsumerFinance,butshallnot52includetravelerschecksorforeigndrawnpaymentinstruments.
53(d)A"checkcasher"meansanyindividual,partnership,54association,joint-stockassociation,trustorcorporation,55excludingtheUnitedStatesgovernmentandthegovernmentofthis56state,whoexchangescashorothervalueforanycheck,draft,57moneyorder,personalmoneyorder,orotherinstrumentforthe58transmissionorpaymentofmoney,excepttravelerschecksand59foreigndrawnpaymentinstruments,andwhochargesafeetherefor.
60(e)"Commissioner"meanstheMississippiCommissioner61ofBankingandConsumerFinance,orhisdesignee,asthe62designatedofficialforthepurposeofenforcingthisarticle.
63(f)"Department"meanstheDepartmentofBankingand64ConsumerFinance.
65(g)"Licensee"meansanyindividual,partnership,66associationorcorporationdulylicensedbytheDepartmentof67BankingandConsumerFinancetoengageinthebusinessofcashing68checksunderthisarticle.
69H.
B.
No.
455*HR40/R977SG*11/HR40/R977SGPAGE3(RF\BD)(h)"Person"meansanindividual,partnership,70corporation,jointventure,trust,associationoranylegalentity71howeverorganized.
72(i)"Personalmoneyorder"meansanyinstrumentforthe73transmissionorpaymentofmoneyinrelationtowhichthe74purchaserorremitterappointsorpurportstoappointtheseller75thereofashisagentforthereceipt,transmissionorhandlingof76money,whethersuchinstrumentissignedbythesellerorbythe77purchaserorremitterorsomeotherperson.
78SECTION3.
Section75-67-505,MississippiCodeof1972,is79reenactedandamendedasfollows:8075-67-505.
(1)(a)Apersonmaynotengageinbusinessas81acheckcasherorotherwiseportrayhimselfasacheckcasher82unlessthepersonhasavalidlicenseauthorizingengagementin83thebusiness.
Anytransactionthatwouldbesubjecttothis84articlethatismadebyapersonwhodoesnothaveavalidlicense85underthisarticleshallbenullandvoid.
Aseparatelicenseis86requiredforeachplaceofbusinessunderthisarticleandeach87businessmustbeindependentof,andnotapartof,anyother88businessoperation.
Acheckcashingbusinessshallnotbeapart89of,orlocatedatthesamebusinessaddresswith,apawnshop,90titlepledgeofficeandsmallloancompany.
91(b)Acheckcashingbusinessshall(i)havea92definitiveUnitedStatesPostaladdressandE911address;(ii)93complywithlocalzoningrequirements;(iii)haveaminimumofone94hundred(100)squarefeetwithwallsfromfloortoceiling95separatingtheoperationfromanyotherbusinesses;(iv)havean96outsideentrance,butmaybelocatedinanareathathasacommon97lobbysharedbyotherbusinessesaslongasthecustomersdonot98enterthecheckcashingbusinessthroughanotherbusiness;(v)99havepropersignage;and(vi)maintainseparatebooksandrecords.
100Anylicenseewhodoesnotcashanydelayeddepositchecksas101authorizedunderSection75-67-519shallnotbesubjecttothe102H.
B.
No.
455*HR40/R977SG*11/HR40/R977SGPAGE4(RF\BD)requirementsofsubparagraphs(i),(iii)and(iv)ofthis103paragraph.
104(c)Alicensedcheckcashermaysell,atthesame105locationashischeckcashingbusiness,thefollowingitemsand106services:moneyorders;incometaxpreparationservice;copy107service;wiretransferservice;notaryservice;pagers;pager108service;prepaidcellularservice;debitcard;prepaidtelephone109cards;prepaidtelephoneservice;andoperateaprocessingcenter110whereutilitybills,creditcardpaymentsandotherpaymentsare111collectedfromthegeneralpublicandgovernmentalandprivate112paymentsaredistributed.
Intheeventalicenseeacceptswire113transfersintheformofadirectdepositofapayrollcheckor114othersimilartypesofdeposit,thelicenseeshallnotencumber115anytransferredfundsagainstadeferreddepositagreementorany116delinquentdeferreddepositagreementwithsuchcustomer.
The117commissionermayauthorizeadditionalfunctionsinadditionto118thoseprovidedinthissubsectionthatmaybeperformedaspartof119acheckcashingbusiness.
120(d)Thecommissionermayissuemorethanone(1)121licensetoapersonifthatpersoncomplieswiththisarticlefor122eachlicense.
Anewlicenseisrequireduponachange,directly123orbeneficially,intheownershipofanylicensedcheckcasher124businessandanapplicationshallbemadetothecommissionerin125accordancewiththisarticle.
126(2)Whenalicenseewishestomoveacheckcasherbusiness127toanotherlocation,thelicenseeshallgivethirty(30)days'128priorwrittennoticetothecommissionerwhoshallamendthe129licenseaccordingly.
130(3)Eachlicenseshallremaininfullforceandeffectuntil131relinquished,suspended,revokedorexpired.
Witheachinitial132applicationforalicense,theapplicantshallpaythe133commissioneratthetimeofmakingtheapplicationalicensefee134ofSevenHundredFiftyDollars($750.
00),andonorbefore135H.
B.
No.
455*HR40/R977SG*11/HR40/R977SGPAGE5(RF\BD)September1ofeachyearthereafter,anannualrenewalfeeofFour136HundredSeventy-fiveDollars($475.
00).
Iftheannualrenewalfee137remainsunpaidtwenty-nine(29)daysafterSeptember1,the138licenseshallthereuponexpire,butnotbeforethethirtiethday139ofSeptemberofanyyearforwhichtheannualfeehasbeenpaid.
140Ifanylicenseefailstopaytheannualrenewalfeebeforethe141thirtiethdayofSeptemberofanyyearforwhichtherenewalfee142isdue,thenthelicenseeshallbeliableforthefullamountof143thelicensefee,plusapenaltyinanamountnottoexceed144Twenty-fiveDollars($25.
00)foreachdaythatthelicenseehas145engagedinbusinessafterSeptember30.
Alllicensingfeesand146penaltiesshallbepaidintotheConsumerFinanceFundofthe147DepartmentofBankingandConsumerFinance.
148(4)Notwithstandingotherprovisionsofthisarticle,the149commissionermayissueatemporarylicenseauthorizingthe150operatorofacheckcasherbusinessonthereceiptofan151applicationforalicenseinvolvingprincipalsandownersthatare152substantiallyidenticaltothoseofanexistinglicensedcheck153casher.
Thetemporarylicenseiseffectiveuntilthepermanent154licenseisissuedordenied.
155SECTION4.
Section75-67-507,MississippiCodeof1972,is156reenactedasfollows:15775-67-507.
Theprovisionsofthisarticleshallnotapply158to:159(a)Anybank,trustcompany,savingsassociation,160savingsandloanassociation,savingsbankorcreditunionwhich161ischarteredunderthelawsofthisstateorunderfederallawand162domiciledinthisstate.
163(b)Anypersonwhocasheschecksattheirfacevalue164anddoesnotchargetheconsumerafeeorotherwisereceiveany165considerationfromtheconsumer.
166(c)Anypersonprincipallyengagedintheretailsale167ofgoodsorserviceswho,eitherasanincidenttoor168H.
B.
No.
455*HR40/R977SG*11/HR40/R977SGPAGE6(RF\BD)independentlyofaretailsale,mayfromtimetotimecashchecks169forafee,notexceedingthreepercent(3%)ofthefaceamountof170thecheckorTenDollars($10.
00),whicheverisgreater.
However,171thefeeshallbeconspicuouslypostedforpublicview.
172SECTION5.
Section75-67-509,MississippiCodeof1972,is173reenactedasfollows:17475-67-509.
Tobeeligibleforacheckcasherlicense,an175applicantshall:176(a)Operatelawfullyandfairlywithinthepurposesof177thisarticle.
178(b)Nothavebeenconvictedofafelonyinthelastten179(10)yearsorbeactiveasabeneficialownerforsomeonewhohas180beenconvictedofafelonyinthelastten(10)years.
181(c)Filewiththecommissionerabondwithgood182securityinthepenalsumofTenThousandDollars($10,000.
00),183payabletotheStateofMississippiforthefaithfulperformance184bythelicenseeofthedutiesandobligationspertainingtothe185businesssolicensedandthepromptpaymentofanyjudgmentwhich186mayberecoveredagainstthelicenseeonaccountofchargesor187otherclaimsarisingdirectlyorcollectivelyfromanyviolation188oftheprovisionsofthisarticle.
Thebondshallnotbevalid189untilitisapprovedbythecommissioner.
Theapplicantmayfile,190inlieuofthebond,cash,acertificateofdepositorgovernment191bondsintheamountofTenThousandDollars($10,000.
00).
Those192depositsshallbefiledwiththecommissionerandaresubjectto193thesametermsandconditionsasareprovidedforinthesurety194bondrequiredinthisparagraph.
Anyinterestorearningson195thosedepositsarepayabletothedepositor.
196(d)Filewiththecommissioneranapplicationfora197licenseandtheinitiallicensefeerequiredinthisarticle.
If198applicant'sapplicationisapproved,acheckcasherlicensewill199beissuedwithinthirty(30)days.
200H.
B.
No.
455*HR40/R977SG*11/HR40/R977SGPAGE7(RF\BD)(e)Submitasetoffingerprintsfromanylocallaw201enforcementagency.
Inordertodeterminetheapplicant's202suitabilityforlicense,thecommissionershallforwardthe203fingerprintstotheDepartmentofPublicSafety;andifno204disqualifyingrecordisidentifiedatthestatelevel,the205fingerprintsshallbeforwardedbytheDepartmentofPublicSafety206totheFBIforanationalcriminalhistoryrecordcheck.
207(f)Completeandfilewiththecommissioneranannual208renewalapplicationforalicenseaccompaniedbytherenewalfee209requiredinthisarticle.
210SECTION6.
Section75-67-511,MississippiCodeof1972,is211reenactedasfollows:21275-67-511.
Eachapplicationforalicenseshallbeinaform213prescribedbythecommissioner,signedunderoath,andshall214includethefollowing:215(a)Thelegalname,residenceandbusinessaddressof216theapplicantand,iftheapplicantisapartnership,association217orcorporation,ofeverymember,officeranddirectorthereof.
218However,theapplicationneednotstatethefullnameand219addressofeachshareholder,iftheapplicantisowneddirectlyor220beneficiallybyapersonwhichasanissuerhasaclassof221securitiesregisteredunderSection12oftheSecuritiesand222ExchangeActof1934orisanissuerofsecuritieswhichis223requiredtofilereportswiththeSecuritiesandExchange224CommissionunderSection15(d)oftheSecuritiesandExchangeAct,225providedthatthepersonfileswiththecommissionersuch226information,documentsandreportsasarerequiredbythe227provisionsoftheSecuritiesandExchangeActtobefiledbythe228issuerwiththeSecuritiesandExchangeCommission.
229(b)Thecompleteaddressofthelocationatwhichthe230applicantproposestoengageinthebusinessofcashingchecks.
231H.
B.
No.
455*HR40/R977SG*11/HR40/R977SGPAGE8(RF\BD)(c)Otherdataandinformationthedepartmentmay232requirewithrespecttotheapplicant,itsdirectors,trustees,233officers,membersoragents.
234(d)Swornfinancialstatementsoftheapplicantshowing235anetworthofatleastTwentyThousandDollars($20,000.
00)for236thefirstlicense.
Theapplicantshallpossessandmaintainanet237worthofatleastTwentyThousandDollars($20,000.
00)forthe238firstlicenseandatleastFiveThousandDollars($5,000.
00)for239eachadditionallicense.
240SECTION7.
Section75-67-513,MississippiCodeof1972,is241reenactedasfollows:24275-67-513.
(1)Uponfilingofanapplicationinaform243prescribedbythecommissioner,accompaniedbythedocuments244requiredinthisarticle,thedepartmentshallinvestigateto245ascertainwhetherthequalificationsprescribedbySections24675-67-509and75-67-511havebeensatisfied.
Ifthecommissioner247findsthatthequalificationshavebeensatisfiedand,ifhe248approvesthedocumentssofiledbytheapplicant,heshallissue249totheapplicantalicensetoengageinthebusinessofcheck250cashinginthisstate.
251(2)Thelicenseshallbekeptconspicuouslypostedinthe252placeofbusinessofthelicensee.
253SECTION8.
Section75-67-515,MississippiCodeof1972,is254reenactedasfollows:25575-67-515.
(1)Thedepartmentmayadoptreasonable256administrativeregulations,notinconsistentwithlaw,forthe257enforcementofthisarticle.
258(2)Toassurecompliancewiththeprovisionsofthis259article,thedepartmentmayexaminethebooksandrecordsofany260licenseewithoutnoticeduringnormalbusinesshours.
The261commissionermaychargethelicenseeanexaminationfeeinan262amountnotlessthanThreeHundredDollars($300.
00)normorethan263SixHundredDollars($600.
00)foreachofficeorlocationwithin264H.
B.
No.
455*HR40/R977SG*11/HR40/R977SGPAGE9(RF\BD)theStateofMississippiplusanyactualexpensesincurredwhile265examiningthelicensee'srecordsorbooksthatarelocatedoutside266theStateofMississippi.
However,innoeventshallalicensee267beexaminedmorethanonceinatwo-yearperiodunlessforcause268shownbaseduponconsumercomplaintand/orotherexigentreasons269asdeterminedbythecommissioner.
270(3)Eachlicenseeshallkeepanduseinitsbusinessany271books,accountsandrecordsthedepartmentmayrequiretocarry272intoeffecttheprovisionsofthisarticleandtheadministrative273regulationsissuedunderthisarticle.
Everylicenseeshall274preservethebooks,accountsandrecordsofitsbusinessforat275leasttwo(2)years.
276(4)Anyfeechargedbyalicenseeforcashingacheckshall277bepostedconspicuouslytothebearerofthecheckbeforecashing278thecheck,andthefeeshallbeaservicefeeandnotinterest.
279(5)Beforealicenseedepositswithanybankorother280depositoryinstitutionacheckcashedbythelicensee,thecheck281shallbeendorsedwiththeactualnameunderwhichthelicenseeis282doingbusiness.
283(6)Allpersonalcheckscashedforacustomerbyalicensee284shallbedatedontheactualdatethecashistenderedtothe285customer.
286(7)Nolicenseeshallcashacheckpayabletoapayeeunless287thelicenseehaspreviouslyobtainedappropriateidentificationof288thepayeeclearlyindicatingtheauthorityofthepersoncashing289thecheck,draftormoneyorderonbehalfofthepayee.
290(8)Nolicenseeshallindicatethroughadvertising,signs,291billboardsorotherwisethatchecksmaybecashedwithout292identificationofthebearerofthecheck;andanypersonseeking293tocashacheckshallberequiredtosubmitreasonable294identificationasprescribedbythedepartment.
Theprovisionsof295thissubsectionshallnotprohibitalicenseefromcashingacheck296simultaneouslywiththeverificationandestablishmentofthe297H.
B.
No.
455*HR40/R977SG*11/HR40/R977SGPAGE10(RF\BD)identityofthepresenterbymeansotherthanpresentationof298identification.
299(9)Withinfive(5)businessdaysafterbeingadvisedbythe300payorfinancialinstitutionthatacheckhasbeenaltered,forged,301stolen,obtainedthroughfraudulentorillegalmeans,negotiated302withoutproperlegalauthorityorrepresentstheproceedsof303illegalactivity,thelicenseeshallnotifythedepartmentandthe304districtattorneyforthejudicialdistrictinwhichthecheckwas305received.
Ifacheckisreturnedtothelicenseebythepayor306financialinstitutionforanyofthesereasons,thelicenseemay307notreleasethecheckwithoutconsentofthedistrictattorneyor308otherinvestigatinglawenforcementauthority.
309(10)Ifacheckisreturnedtoalicenseefromapayor310financialinstitutionbecausethereareinsufficientfundsinor311ondepositwiththefinancialinstitutiontopaythecheck,the312licenseeoranyotherpersononbehalfofthelicenseeshallnot313instituteorinitiateanycriminalprosecutionagainstthemaker314ordrawerofthepersonalcheckwiththeintentandpurposeof315aidinginthecollectionoforenforcingthepaymentoftheamount316owedtothecheckcasherbythemakerordrawerofthecheck.
317(11)Nothinginthisarticleshallprohibitalicenseefrom318issuingcouponstocustomersorpotentialcustomerswhichare319redeemableagainstadeferreddeposittransactionprovidedthe320redemptionresultsinafinancialbenefittothecustomeron321currentorfuturetransactions.
322SECTION9.
Section75-67-516,MississippiCodeof1972,is323reenactedasfollows:32475-67-516.
Alicenseeshallnotadvertise,displayor325publish,orpermittobeadvertised,displayedorpublished,in326anymannerwhatsoever,anystatementorrepresentationthatis327false,misleadingordeceptive.
328SECTION10.
Section75-67-517,MississippiCodeof1972,is329reenactedasfollows:330H.
B.
No.
455*HR40/R977SG*11/HR40/R977SGPAGE11(RF\BD)75-67-517.
Notwithstandinganyotherprovisionoflaw,no331checkcashingbusinesslicensedunderthisarticleshalldirectly332orindirectlychargeorcollectfeesforcheckcashingservicesin333excessofthefollowing:334(a)Threepercent(3%)ofthefaceamountofthecheck335orFiveDollars($5.
00),whicheverisgreater,forchecksissued336bythefederalgovernment,stategovernment,oranyagencyofthe337stateoragencyofthestateorfederalgovernment,oranycounty338ormunicipalityofthisstate.
339(b)Tenpercent(10%)ofthefaceamountofthecheck340orFiveDollars($5.
00),whicheverisgreater,forpersonal341checks.
342(c)Fivepercent(5%)ofthefaceamountofthecheck343orFiveDollars($5.
00),whicheverisgreater,forallother344checks,orformoneyorders.
345Alicenseemaynotadvancemoniesonthesecurityofany346personalcheckunlessthepresenteratteststhatthecheckbeing347presentedisdrawnonalegitimate,openandactiveaccount.
348ExceptasprovidedbySection75-67-519,anylicenseewhocashesa349checkforafeeshalldepositthechecknotlaterthanthree(3)350businessdaysfromthedatethecheckiscashed.
351SECTION11.
Section75-67-519,MississippiCodeof1972,is352amendedasfollows:353[ThroughDecember31,2011,thissectionshallreadas354follows:]35575-67-519.
(1)Alicenseemaydeferthedepositofa356personalcheckcashedforacustomerforuptothirty(30)days357undertheprovisionsofthissection.
358(2)Thefaceamountofanydelayeddepositcheckcashed359undertheprovisionsofthissectionshallnotexceedFourHundred360Dollars($400.
00).
Eachcustomerislimitedtoamaximumamount361ofFourHundredDollars($400.
00)atanytime.
362H.
B.
No.
455*HR40/R977SG*11/HR40/R977SGPAGE12(RF\BD)(3)Eachdelayeddepositcheckcashedbyalicenseeshallbe363documentedbyawrittenagreementthathasbeensignedbythe364customerandthelicensee.
Thewrittenagreementshallcontaina365statementofthetotalamountofanyfeescharged,expressedasa366dollaramountandasanannualpercentagerate.
Thewritten367agreementshallauthorizethelicenseetodeferdepositofthe368personalcheckuntilaspecificdatenotlaterthanthirty(30)369daysfromthedatethecheckiscashed.
370(4)Alicenseeshallnotdirectlyorindirectlychargeany371feeorotherconsiderationforcashingadelayeddepositcheckin372excessofeighteenpercent(18%)ofthefaceamountofthecheck.
373(5)Nocheckcashedundertheprovisionsofthissection374shallberepaidbytheproceedsofanothercheckcashedbythe375samelicenseeoranyaffiliateofthelicensee.
Alicenseeshall376notreneworotherwiseextendanydelayeddepositcheck.
377(6)Alicenseeshallnotofferdiscountcatalogsalesor378othersimilarinducementsaspartofadelayeddeposit379transaction.
380(7)Alicenseeshallnotchargealatefeeorcollectionfee381onanydeferreddeposittransactionasaresultofareturned382checkorthedefaultbythecustomerintimelypaymenttothe383licensee.
Notwithstandinganythingtothecontrarycontainedin384thissection,alicenseemaychargeaprocessingfee,notto385exceedanamountauthorizedbythecommissioner,foracheck386returnedforanyreason,including,withoutlimitation,387insufficientfunds,closedaccountorstoppayment,ifsuch388processingfeeisauthorizedinthewrittenagreementsignedby389thecustomerandlicensee.
Inaddition,ifalicenseetakeslegal390actionagainstacustomertocollecttheamountofadelayed391depositcheckforwhichthelicenseehasnotobtainedpaymentand392obtainsajudgmentagainstthecustomerfortheamountofthat393check,thelicenseeshallalsobeentitledtoanycourt-awarded394fees.
395H.
B.
No.
455*HR40/R977SG*11/HR40/R977SGPAGE13(RF\BD)(8)Whencashingadelayeddepositcheck,alicenseemaypay396thecustomerintheformofthelicensee'sbusinesscheckora397moneyorder;however,noadditionalfeemaythenbechargedbythe398licenseeforcashingthelicensee'sbusinesscheckormoneyorder399issuedtothecustomer.
400(9)Beforeenteringanytransactionsunderthissection,a401licenseeshallprovidetothecustomerapamphletpreparedbythe402commissionerthatdescribesgeneralinformationaboutthe403transactionandaboutthecustomer'srightsandresponsibilities404inthetransaction,andthatincludestheconsumerhotlinephone405numbertotheMississippiDepartmentofBankingandConsumer406FinanceandtotheMississippiAttorneyGeneral'soffice.
Each407agreementexecutedbyalicenseeshallincludethefollowing408statement,whichshallbelocatedjustabovethesignatureline409forthecustomer:410"Inadditiontoagreeingtothetermsofthisagreement,I411acknowledge,bymysignaturebelow,thereceiptofaconsumer412educationpamphletregardingthistransaction.
"413[FromandafterJanuary1,2012,thissectionshallreadas414follows:]41575-67-519.
(1)(a)Alicenseemaydelaythedepositofa416personalcheckcashedforacustomerwithafaceamountofnot417morethanTwoHundredFiftyDollars($250.
00)foruptothirty418(30)daysundertheprovisionsofthissection.
419(b)Alicenseeshallenterintoawrittenagreementfor420adelayeddeposittransactionofapersonalcheckcashedfora421customerwithafaceamountofmorethanTwoHundredFiftyDollars422($250.
00)butnotmorethanFiveHundredDollars($500.
00)fora423periodofatleasttwenty-eight(28)daysbutnotmorethanthirty424(30)days,asselectedbythecustomer,undertheprovisionsof425thissection,withthelicenseehavingtheoptiontodepositor426collectthecheck.
427H.
B.
No.
455*HR40/R977SG*11/HR40/R977SGPAGE14(RF\BD)(2)Thefaceamountof***delayeddepositcheckscashed428undertheprovisionsofthissectionshallnotexceedFiveHundred429Dollars($500.
00),includingtheamountofthefees.
Each430customerislimitedtoamaximumamountofFiveHundredDollars431($500.
00),includingtheamountofthefees,atanytime.
432(3)Eachdelayeddepositcheckcashedbyalicenseeshallbe433documentedbyawrittenagreementthathasbeensignedbythe434customerandthelicensee.
Thewrittenagreementshallcontaina435statementofthetotalamountofanyfeescharged,expressedasa436dollaramountandasanannualpercentagerate.
Thewritten437agreementshallauthorizethelicenseetodelaydepositofthe438personalcheckwithafaceamountofnotmorethanTwoHundred439FiftyDollars($250.
00)untilaspecificdatenotlaterthan440thirty(30)daysfromthedateofthetransaction,andshall441authorizethelicenseetodelaydepositorcollectionofthe442personalcheckwithafaceamountofmorethanTwoHundredFifty443Dollars($250.
00)butnotmorethanFiveHundredDollars($500.
00)444inaccordancewiththewrittenagreement.
445(4)(a)Alicenseeshallnotdirectlyorindirectlycharge446anyfeeorotherconsiderationinexcessofTwentyDollars447($20.
00)perOneHundredDollars($100.
00)advancedforcashinga448delayeddepositcheckwithafaceamountofnotmorethanTwo449HundredFiftyDollars($250.
00).
450(b)Alicenseeshallnotdirectlyorindirectlycharge451anyfeeorotherconsiderationinexcessofTwenty-oneDollarsand452Ninety-fiveCents($21.
95)perOneHundredDollars($100.
00)453advancedforcashingadelayeddepositcheckwithafaceamountof454morethanTwoHundredFiftyDollars($250.
00)butnotmorethan455FiveHundredDollars($500.
00).
456(c)Innoeventshalltheamountofthecheckscashed457exceedFiveHundredDollars($500.
00),includingtheamountofthe458fee.
459H.
B.
No.
455*HR40/R977SG*11/HR40/R977SGPAGE15(RF\BD)(5)Nocheckcashedundertheprovisionsofthissection460shallberepaidbytheproceedsofanothercheckcashedbythe461samelicenseeoranyaffiliateofthelicensee.
Alicenseeshall462notreneworotherwiseextendanydelayeddepositcheck.
463(6)Alicenseeshallnotofferdiscountcatalogsalesor464othersimilarinducementsaspartofadelayeddeposit465transaction.
466(7)Alicenseeshallnotchargealatefeeorcollectionfee467onanydeferreddeposittransactionasaresultofareturned468checkorthedefaultbythecustomerintimelypaymenttothe469licensee.
Notwithstandinganythingtothecontrarycontainedin470thissection,alicenseemaychargeaprocessingfee,notto471exceedanamountauthorizedbythecommissioner,foracheck472returnedforanyreason,including,withoutlimitation,473insufficientfunds,closedaccountorstoppayment,ifsuch474processingfeeisauthorizedinthewrittenagreementsignedby475thecustomerandlicensee.
Inaddition,ifalicenseetakeslegal476actionagainstacustomertocollecttheamountofadelayed477depositcheckforwhichthelicenseehasnotobtainedpaymentand478obtainsajudgmentagainstthecustomerfortheamountofthat479check,thelicenseeshallalsobeentitledtoanycourt-awarded480fees.
481(8)Whencashingadelayeddepositcheck,alicenseemaypay482thecustomerintheformofthelicensee'sbusinesscheckora483moneyorder;however,noadditionalfeemaythenbechargedbythe484licenseeforcashingthelicensee'sbusinesscheckormoneyorder485issuedtothecustomer.
486(9)Beforeenteringanytransactionsunderthissection,a487licenseeshallprovidetothecustomerapamphletpreparedbythe488commissionerthatdescribesgeneralinformationaboutthe489transactionandaboutthecustomer'srightsandresponsibilities490inthetransaction,andthatincludestheconsumerhotlinephone491numbertotheMississippiDepartmentofBankingandConsumer492H.
B.
No.
455*HR40/R977SG*11/HR40/R977SGPAGE16(RF\BD)FinanceandtotheMississippiAttorneyGeneral'soffice.
Each493agreementexecutedbyalicenseeshallincludethefollowing494statement,whichshallbelocatedjustabovethesignatureline495forthecustomer:496"Inadditiontoagreeingtothetermsofthisagreement,I497acknowledge,bymysignaturebelow,thereceiptofaconsumer498educationpamphletregardingthistransaction.
"499SECTION12.
Section75-67-521,MississippiCodeof1972,is500reenactedasfollows:50175-67-521.
(1)Thecommissionermay,afternoticeand502hearing,suspendorrevokealicenseifhefindsthat:503(a)Thelicensee,eitherknowingly,orwithoutthe504exerciseofduecaretopreventthesame,hasviolatedany505provisionofthisarticle;506(b)Anyfactorconditionexistswhich,ifithad507existedorhadbeenknowntoexistatthetimeoftheoriginal508applicationforthelicense,clearlywouldhavejustifiedthe509commissionerinrefusingthelicense;510(c)Thelicenseehasaided,abettedorconspiredwith511anindividualorpersontocircumventorviolatetherequirement512ofthisarticle;513(d)Thelicensee,oralegalorbeneficialownerofthe514license,hasbeenconvictedofafelony,orhasbeenconvictedof515amisdemeanorthatthecommissionerfindsdirectlyrelatestothe516dutiesandresponsibilitiesofthebusinessofcheckcashing.
517(2)Thecommissionermayconditionallylicenseorplaceon518probationapersonwhoselicensehasbeensuspendedormay519reprimandalicenseeforaviolationofthisarticle.
520(3)Themannerofgivingnoticeandconductingahearingas521requiredbysubsection(1)ofthissectionshallbeperformedin522accordancewithproceduresprescribedbythecommissionerinrules523orregulationsadoptedunderMississippiAdministrativeProcedures524Law,Section25-43-1etseq.
525H.
B.
No.
455*HR40/R977SG*11/HR40/R977SGPAGE17(RF\BD)(4)Anylicenseemaysurrenderanylicensebydeliveringit526tothecommissionerwithwrittennoticeofitssurrender,butthat527surrendershallnotaffectthelicensee'scivilorcriminal528liabilityforactscommittedpriorthereto.
529(5)Thecommissionermayreinstatesuspendedlicensesor530issuenewlicensestoapersonwhoselicenseorlicenseshavebeen531revokedifnofactorconditionthenexistswhichclearlywould532havejustifiedthecommissionerinrefusingoriginallytoissuea533licenseunderthisarticle.
534(6)Theappropriatelocallawenforcementagencyshallbe535notifiedofanylicenseewhohashislicensesuspendedorrevoked536asprovidedbythisarticle.
537(7)Thecommissionershallenforcetheprovisionsofthis538section.
539SECTION13.
Section75-67-523,MississippiCodeof1972,is540reenactedasfollows:54175-67-523.
Thecommissioner,orhisdulyauthorized542representative,forthepurposeofdiscoveringviolationsofthis543articleandforthepurposeofdeterminingwhetherpersonsare544subjecttotheprovisionsofthisarticle,mayexaminepersons545licensedunderthisarticleandpersonsreasonablysuspectedby546thecommissionerofconductingbusinesswhichrequiresalicense547underthisarticle,includingallrelevantbooks,recordsand548papersemployedbythosepersonsinthetransactionoftheir549business,andmaysummonwitnessesandexaminethemunderoath550concerningmattersrelatingtothebusinessofthosepersons,or551suchothermattersasmayberelevanttothediscoveryof552violationsofthisarticle,includingwithoutlimitingtheconduct553ofbusinesswithoutalicenseasrequiredunderthisarticle.
554SECTION14.
Section75-67-525,MississippiCodeof1972,is555reenactedasfollows:55675-67-525.
(1)Anypersonwhoengagesinthebusinessof557checkcashingwithoutfirstsecuringalicenseprescribedbythis558H.
B.
No.
455*HR40/R977SG*11/HR40/R977SGPAGE18(RF\BD)articleshallbeguiltyofamisdemeanoranduponconviction559thereof,shallbepunishablebyafinenotinexcessofOne560ThousandDollars($1,000.
00)orbyconfinementinthecountyjail561fornotmorethanone(1)year,orboth.
562(2)Anypersonwhoengagesinthebusinessofcheckcashing563withoutfirstsecuringalicenseprescribedbythisarticleshall564beliableforthefullamountofthelicensefee,plusapenalty565inanamountnottoexceedTwenty-fiveDollars($25.
00)foreach566daythatthepersonhasengagedinthebusinesswithoutalicense.
567AlllicensingfeesandpenaltiesshallbepaidintotheConsumer568FinanceFundoftheDepartmentofBankingandConsumerFinance.
569SECTION15.
Section75-67-527,MississippiCodeof1972,is570reenactedasfollows:57175-67-527.
(1)Inadditiontoanyotherpenaltywhichmay572beapplicable,anylicenseeoremployeewhowillfullyviolatesany573provisionofthisarticle,orwhowillfullymakesafalseentryin574anyrecordspecificallyrequiredbythisarticle,shallbeguilty575ofamisdemeanoranduponconvictionthereof,shallbepunishable576byafinenotinexcessofOneThousandDollars($1,000.
00)per577violationorfalseentry.
578(2)Compliancewiththecriminalprovisionsofthisarticle579shallbeenforcedbytheappropriatelawenforcementagency,which580mayexerciseforthatpurposeanyauthorityconferreduponthe581agencybylaw.
582(3)Whenthecommissionerhasreasonablecausetobelieve583thatapersonisviolatinganyprovisionofthisarticle,the584commissioner,inadditiontoandwithoutprejudicetothe585authorityprovidedelsewhereinthisarticle,mayenteranorder586requiringthepersontostoportorefrainfromtheviolation.
587Thecommissionermaysueinanycircuitcourtofthestatehaving588jurisdictionandvenuetoenjointhepersonfromengaginginor589continuingtheviolationorfromdoinganyactinfurtheranceof590H.
B.
No.
455*HR40/R977SG*11/HR40/R977SGPAGE19(RF\BD)theviolation.
Insuchanaction,thecourtmayenteranorderor591judgmentawardingapreliminaryorpermanentinjunction.
592(4)Thecommissionermayimposeacivilpenaltyagainstany593licenseeadjudgedbythecommissionertobeinviolationofthe594provisionsofthisarticle.
Thecivilpenaltyshallnotexceed595FiveHundredDollars($500.
00)perviolationandshallbe596depositedintotheDepartmentofBankingandConsumerFinance,597"ConsumerFinanceFund.
"598(5)Anylicenseeconvictedinthemannerprovidedinthis599articleshallforfeitthesuretybondordepositrequiredin600Section75-67-509(c)andtheamountofthebondordepositshall601becreditedtothebudgetofthestateorlocalagencywhich602directlyparticipatedintheprosecutionofthelicensee,forthe603specificpurposeofincreasinglawenforcementresourcesforthat604specificstateorlocalagency.
Thebondordepositshallbeused605toaugmentexistingstateandlocallawenforcementbudgetsand606nottosupplantthem.
607SECTION16.
Section75-67-529,MississippiCodeof1972,is608reenactedasfollows:60975-67-529.
Theprovisionsofthisarticleareseverable.
If610anypartofthisarticleisdeclaredinvalidorunconstitutional,611thatdeclarationshallnotaffectthepartswhichremain.
612SECTION17.
Section75-67-531,MississippiCodeof1972,is613reenactedasfollows:61475-67-531.
Checkcashersoperatingcheckcashinglocations615inbusinessasofJuly1,1998,shallhaveuntilSeptember30,6161998,toapplyforalicenseunderthisarticle,anduponthe617approvaloftheapplication,thecommissionershallgranta618licenseunderthisarticle.
619SECTION18.
Section75-67-533,MississippiCodeof1972,is620reenactedasfollows:62175-67-533.
Thecommissionershalldevelopandprovideany622necessaryformstocarryouttheprovisionsofthisarticle.
623H.
B.
No.
455*HR40/R977SG*11/HR40/R977SGPAGE20(RF\BD)ST:CheckCashiersAct;reenactandextendrepealeron.
SECTION19.
Section75-67-535,MississippiCodeof1972,is624reenactedasfollows:62575-67-535.
Municipalitiesinthisstatemayenactordinances626whichareincompliancewith,butnotmorerestrictivethan,the627provisionsofthisarticle.
Anyexistingorfutureorder,628ordinanceorregulationwhichconflictswiththisprovisionshall629benullandvoid.
630SECTION20.
Section75-67-537,MississippiCodeof1972,is631reenactedasfollows:63275-67-537.
Thecommissionermayemploythenecessary633full-timeemployeesabovethenumberofpermanentfull-time634employeesauthorizedforthedepartmentforfiscalyear1999,to635carryoutandenforcetheprovisionsofthisarticle.
The636commissionermayalsoexpendthenecessaryfundstoequipand637providenecessarytravelexpensesforthoseemployees.
638SECTION21.
Section75-67-539,MississippiCodeof1972,is639amendedasfollows:64075-67-539.
Sections75-67-501through75-67-537shallstand641repealedonJuly1,2015.
642SECTION22.
Thisactshalltakeeffectandbeinforcefrom643andafteritspassage.
644