560.402 Definitions.—For the purposes of this part, the term: (1) “Affiliate” means a person who, directly or indirectly, through one or more intermediaries controls, is controlled by, or is under common control with, a deferred presentment provider. (2) “Deferment period” means the number of days a deferred presentment provider agrees to defer depositing, presenting, or redeeming a payment […]
560.403 Declaration of intent.—Except for financial institutions as defined in s. 655.005, a person may not engage in a deferred presentment transaction unless the person is licensed as a money services business under part II or part III of this chapter and has on file with the office a declaration of intent to engage in deferred […]
560.404 Requirements for deferred presentment transactions.— (1) Each deferred presentment transaction must be documented in a written agreement signed by the deferred presentment provider and the drawer. (2) The deferred presentment transaction agreement must be executed on the day the deferred presentment provider furnishes currency or a payment instrument to the drawer. (3) Each written agreement must, in addition […]
560.4041 Database for deferred presentment providers; public records exemption.—Information that identifies a drawer or a deferred presentment provider contained in the database authorized under s. 560.404 is confidential and exempt from s. 119.07(1) and s. 24(a), Art. I of the State Constitution. A deferred presentment provider may access information that it has entered into the database […]
560.405 Deposit; redemption.— (1) The deferred presentment provider or its affiliate may not present the drawer’s check before the end of the deferment period, except for a missed scheduled payment for a deferred presentment installment transaction that has not been otherwise deferred pursuant to s. 560.404(23), as reflected and described in the deferred presentment transaction agreement. (2) Before […]
560.406 Worthless checks.— (1) If a check is returned to a deferred presentment provider from a payor financial institution due to lack of funds, a closed account, or a stop-payment order, the deferred presentment provider may seek collection pursuant to s. 68.065, except a deferred presentment provider may not collect treble damages. The notice sent by the […]
560.408 Legislative intent; report.—It is the intent of the Legislature to provide for the regulation of deferred presentment transactions. It is further the intent of the Legislature to prevent fraud, abuse, and other unlawful activity associated with deferred presentment transactions in part by: (1) Providing for sufficient regulatory authority and resources to monitor deferred presentment transactions. (2) Preventing […]
