Purpose

Purpose. These regulations are promulgated pursuant to Section 75-67-501 et seq., Miss. Code Ann., known as the “Mississippi Check Cashers Act”, to establish administrative regulations required by the Department of Banking and Consumer Finance. Section 75-67- 515(1), Miss. Code Ann., authorizes the Department to adopt reasonable administrative regulations, not inconsistent with the law, in order to enforce the Mississippi Check Cashers Act. These regulations are not intended to create any private right, remedy, or cause of action in favor of any customer or against any licensee nor are these regulations intended to apply to any business transactions of a licensee not covered by Mississippi Law. While these regulations are intended to and do supersede all prior regulations issued by the Department of Banking and Consumer Finance regarding the check cashing industry, these regulations are intended only to clarify the existing law. In order to ensure compliance with the provisions set forth in the Mississippi Check Cashers Act, the following regulations have been implemented.