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The Florida Statutes

The 2018 Florida Statutes

Title XXXIII
REGULATION OF TRADE, COMMERCE, INVESTMENTS, AND SOLICITATIONS
Chapter 560
MONEY SERVICES BUSINESSES
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F.S. 560.402
1560.402 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 instrument.
(3) “Deferred presentment transaction” means providing currency or a payment instrument in exchange for a drawer’s check and agreeing to hold the check for a deferment period.
(4) “Drawer” means a customer who writes a personal check and upon whose account the check is drawn.
(5) “Extension of a deferred presentment agreement” means continuing a deferred presentment transaction past the deferment period by having the drawer pay additional fees and the deferred presentment provider continuing to hold the check for another deferment period.
(6) “Rollover” means the termination or extension of a deferred presentment agreement by the payment of an additional fee and the continued holding of the check, or the substitution of a new check by the drawer pursuant to a new deferred presentment agreement.
1(7) “Termination of a deferred presentment agreement” means that the check that is the basis for the agreement is redeemed by the drawer by payment in full in cash, or is deposited and the deferred presentment provider has evidence that such check has cleared. Verification of sufficient funds in the drawer’s account by the deferred presentment provider is not sufficient evidence to deem that the deferred deposit transaction is terminated.
History.s. 13, ch. 2001-119; s. 725, ch. 2003-261; s. 43, ch. 2008-177; s. 1, ch. 2018-26.
1Note.Section 1, ch. 2018-26, added new subsections (3) and (7), and amended subsection (7), renumbered as subsection (9), effective July 1, 2019, to read:

(3) “Deferred presentment installment transaction” means a deferred presentment transaction that is repayable in installments.

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(7) “Outstanding transaction balance” means the amount received by the drawer from the deferred presentment provider which is due and owing, exclusive of the fees allowed under this part, in a deferred presentment transaction.

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(9) “Termination of a deferred presentment agreement” means that all checks that are the basis for the agreement are redeemed by the drawer by payment in full in cash, or are deposited and the deferred presentment provider has evidence that such checks have cleared. Verification of sufficient funds in the drawer’s account by the deferred presentment provider is not sufficient evidence to deem that the deferred presentment transaction is terminated.