(1) Except as otherwise provided in this section, notwithstanding 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.
(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.
(2) The provisions of subsection (1) of this section shall not include the fees charged by a third-party processing company for the use of a debit or credit card. A check cashing business licensed under this article may pass the third-party processing company’s fees on to the customer, if such business provides clear and conspicuous notice to all customers that such fees will be applied to debit and credit card transactions. Such notice must be provided before the customer completes the transaction and must include:(i) The amount of the fee;(ii) That the fee is for the use of a debit or credit card; and(iii) The type of payment methods to which the fee applies.
(i) The amount of the fee;
(ii) That the fee is for the use of a debit or credit card; and
(iii) The type of payment methods to which the fee applies.
(c) The amount of the fee identified under this subsection (2) shall be limited to the single transaction cost charged by the third-party processor to the check cashing business for the use of a credit or debit card.