Mississippi
According to MS code "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. 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. A check cashing business shall not be a part of, or located at the same business address with, a pawnshop, title pledge office and small loan company."
How do I check if a lender is licensed in my state or not?
Mississippi Department of Banking and Consumer Finance regulate the check cashers in MS, they can help you find out if a check casher is licensed in the state or not.
What are the obligations a licensed lender should follow in MS?
The face amount shall not exceed $400 and fees, charged directly or indirectly, may not exceed 18% of the face value. The upper limit of the loan term is 30 days.
Renewals or rollovers are not allowed; "no check cashed shall be repaid by the proceeds of another check cashed by the same licensee or any affiliate of the licensee".
What if my check returns?
Check cashers may charge fees against returned checks and court costs if the consumer is taken to court and the judge rules the judgment against the consumer. It does not say anything if criminal action is allowed against returned checks or not.
Where to forward complaints and queries?
Complaints shall be forwarded to the Mississippi Department of Banking and Consumer Finance.
