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MississippiHB 5472026 Regular SessionHouseWALLET

Check cashers and MS Credit Availability licensees; authorize to pass credit/debit card fees to customers.

Sponsored By: Zuber

Signed by Governor

Banking and Financial ServicesBusiness and Financial Institutions

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Bill Overview

Analyzed Economic Effects

4 provisions identified: 1 benefits, 1 costs, 2 mixed.

Higher fees on credit availability accounts

Licensees may charge a monthly handling fee up to 25% of your outstanding balance. They may also charge a one‑time origination fee of 1% of what you receive or $5, whichever is larger. If a payment is more than 10 business days late, they may charge a late fee equal to 10% of the past‑due amount, if your agreement clearly discloses it. They may pass along debit or credit card processing fees, but only up to the processor’s single‑transaction cost and with clear notice before you pay. Your nonexempt personal property can be taken as collateral. If you default for more than 60 days and your agreement allows it, they may add reasonable collection and attorney fees, court costs, and repossession and sale costs. These rules apply beginning July 1, 2026.

Credit account limits and payoff timelines

Small credit availability accounts cannot exceed $500 in principal. Larger accounts cannot exceed $3,250, and the state may adjust this cap each year based on CPI‑U, rounded up to the next $10, with a memo due by July 1 for the prior year. Small accounts must be fully paid in equal payments over 4 to 6 months. Larger accounts must be fully paid in equal payments over 6 to 12 months, based on the amount you received plus allowed fees. These rules apply beginning July 1, 2026.

Check-cashing fees, caps, and rules

The law limits what check cashers can charge: up to 3% or $5 for government checks, 10% or $5 for personal checks, and 5% or $5 for other checks or money orders. They may add a debit or credit card processing fee, but only up to the exact per‑transaction amount the processor charges, and they must clearly tell you the amount and that it applies to card payments before you finish. A check casher must deposit a cashed check within three business days. For advances on personal checks, the presenter must attest the check is from a real, open, active account. These rules apply beginning July 1, 2026.

When these new rules start

All changes in this act take effect July 1, 2026.

Sponsors & Cosponsors

Sponsor

  • Zuber

    Affiliation unavailable

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 105 • No: 62

Senate vote • 3/5/2026

Passed

Yes: 34 • No: 18

House vote • 2/10/2026

Passed

Yes: 71 • No: 44

Actions Timeline

  1. Approved by Governor

    3/17/2026legislature

  2. Enrolled Bill Signed

    3/10/2026Senate

  3. Enrolled Bill Signed

    3/10/2026House

  4. Returned For Enrolling

    3/9/2026Senate

  5. Passed

    3/5/2026Senate

  6. Title Suff Do Pass

    2/26/2026Senate

  7. Referred To Business and Financial Institutions

    2/18/2026Senate

  8. Transmitted To Senate

    2/11/2026House

  9. Passed

    2/10/2026House

  10. Tabled Failed

    2/10/2026House

  11. Title Suff Do Pass

    1/29/2026House

  12. Referred To Banking and Financial Services

    1/12/2026House

Bill Text

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