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Key Votes

HB 455 - Payday Lending Provisions - Key Vote

Mississippi Key Votes

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Note

NOTE: THIS LEGISLATION NEEDED A THREE-FIFTHS MAJORITY VOTE TO PASS.

Stage Details

Legislation - Conference Report Adopted (Senate) (42-8) -
Legislation - Conference Report Adopted (House) (76-44) -
Legislation - Concurrence Vote Failed (House) -
Legislation - Bill Passed With Amendment (Senate) (33-13) -
Legislation - Bill Passed (House) (79-37) - (Key vote)

Title: Payday Lending Provisions

Vote Result
Yea Votes
Nay Votes
Vote Smart's Synopsis:

Vote to pass a bill that outlines regulations concerning delayed deposit check transactions.

Highlights:
  • Establishes that any check casher transaction made by a person without a valid license as a check casher will be null and void (Sec. 3).
  • Authorizes that a licensee may delay the deposit of a personal check cashed for a customer for up to 21 days if it is less than $200 (Sec. 11).
  • Requires that a licensee will delay the deposit of a personal check cashed for a customer for 28-30 days as selected by the customer for amounts of $200-$500 (Sec.11).
  • Specifies that any delay in deposit check cashed is limited to an amount of $500 (Sec. 11).
  • Specifies that a licensee cannot charge more than $21.95 per $100 advanced for cashing a delayed deposit check of $200-$500 (Sec. 11).
  • Requires that before entering any of the above transactions, the licensee must provide the customer with a pamphlet detailing general information about the transaction, in addition to the customer's rights and responsibilities, with a required signature (Sec. 11).
  • This act is effective January 1, 2012 (Sec. 22).
Legislation - Introduced (House) -

Title: Payday Lending Provisions

Sponsors

  • George Flaggs Jr. (MS - D) (Out Of Office)
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