Section 75-67-517 - Maximum fees; advancing monies; time to deposit checkNotwithstanding any other provision of law, no check cashing business licensed under this article shall directly or indirectly charge or collect fees for check cashing services in excess of the following:
(a) Three percent (3%) of the face amount of the check or Five Dollars ($5.00), whichever is greater, for checks issued by the federal government, state government, or any agency of the state or agency of the state or federal government, or any county or municipality of this state.(b) Ten percent (10%) of the face amount of the check or Five Dollars ($5.00), whichever is greater, for personal checks.(c) Five percent (5%) of the face amount of the check or Five Dollars ($5.00), whichever is greater, for all other checks, or for money orders. A licensee may not advance monies on the security of any personal check unless the presenter attests that the check being presented is drawn on a legitimate, open and active account. Except as provided by Section 75-67-519, any licensee who cashes a check for a fee shall deposit the check not later than three (3) business days from the date the check is cashed.
Laws, 1998, ch. 587, § 9; reenacted and amended, Laws, 1999, ch. 481, § 9; reenacted without change, Laws, 2003, ch. 341, § 10; reenacted without change, Laws, 2007, ch. 488, § 10; reenacted without change, Laws, 2011, ch. 309, § 10, eff. 2/24/2011.Reenacted without change by Laws, 2013, ch. 408, HB 559, 10, eff. 3/20/2013.