As Amended
SEC. 81-5-91. Par clearance; exchange may be charged on certain items.
Each state bank shall forthwith qualify for and secure a place on the "Federal Reserve Par List", and shall thereupon pay at par all checks (other than special collection items) drawn on said bank when presented by or directly through the Federal Reserve system, any provision contained below in this section to the contrary notwithstanding.
The established practice on the part of the banks of this state to charge a service fee (commonly called "exchange") for collecting and remitting, by exchange or otherwise, the proceeds of checks, drafts, bills, etc. (commonly known among banks as "cash items"), is hereby authorized, and said banks, both state and national, may continue to make such charge as fixed by custom when such "cash items" are presented other than by or directly through the Federal Reserve system to the payor bank for payment. The amount of such charge is hereby fixed at not more than one-tenth of one per centum of the total amount of such "cash items" so presented and paid at any one time and not less than ten cents on any one such transaction. However, no such charge shall be made on checks or drafts given or drawn in settlement of obligations due the State of Mississippi, or any subdivision thereof, or of the United States. And no such charge can be made by banks for the collection of checks deposited with said banks, where the check is drawn on any other bank in the same municipality, city, town or village. Furthermore, nothing in this paragraph shall be deemed to be mandatory upon the bank to charge exchange on checks or drafts payable to a person in this state, but it shall be optional with such banks whether they shall charge exchange on checks or drafts payable to a person within this state, and drawn on a bank, trust company or person within or without this state. No officer in this state shall protest for nonpayment any "cash item", when such nonpayment is solely on account of the failure or refusal to pay exchange; and there shall be no right of action, either in law or equity, against any bank in this state for the refusal to pay any cash item, when such refusal is based on the ground of the nonpayment of exchange.
SOURCES: Codes, 1942, Sec. 5220; Laws, 1934, ch. 146; 1968, ch. 253, Sec. 1, eff from and after July 1, 1970.