Mississippi – Check Cashing License

Introduction

In Mississippi, any business that cashes checks for a fee must be licensed by the Mississippi Department of Banking and Consumer Finance (DBCF). This includes dedicated check cashing stores as well as retail businesses that offer check cashing as an additional service. 

Licensing Requirements

To get licensed in Mississippi, you must:

• Apply through the NMLS.

• Submit detailed personal and business information.

• Undergo background and credit checks for all key individuals.

• Provide proof of your business location and lease or ownership documents.

• Submit a written business plan and financial statements.

• You must also provide clear disclosures about your check cashing fees and comply with consumer protection laws.

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Regulations and Compliance

Mississippi has strict rules for licensed check cashers:

• Fees must be posted clearly and charged fairly.

• You must verify the identity of each customer using valid ID.

• Accurate records must be kept for every transaction.

• You must comply with all anti-fraud and consumer protection laws.

• Annual reports may be required by the state.

• The state can audit your business and review your compliance at any time.

Processing Time

Licensing typically takes 4 to 6 weeks, depending on the complexity of your business and how quickly required documents are submitted.

How We Can Help

We handle the Mississippi licensing process from start to finish. Our services include:

• Preparing and submitting your NMLS application.

• Creating custom policies and procedures that meet Mississippi law.

• Helping you get organized and avoid compliance mistakes.

We make it easy to get started and stay on the right track.

FAQs

Q: How often do I need to renew my license?
A: The license must be renewed annually. We’ll help you stay ahead of renewal deadlines.

Q: Do I need a separate license for each location?
A: Yes. Each check cashing location in Mississippi must be individually licensed.