69V-560.903. Deferred Presentment Transactions  

Effective on Thursday, November 28, 2019
  • 1(1) A deferred presentment transaction shall be considered terminated at such time as all checks that are the basis of the deferred presentment agreement have been:

    27(a) Redeemed by the drawer by payment to the provider of the face amount of the check in cash;

    46(b) Exchanged by the provider for a cashier’s check or cash from the drawer’s financial institution;

    62(c) Deposited by the provider and such provider has evidence that such check has cleared in accordance with subsection (2);

    82(d) Collected by the provider through any civil remedy available under Part IV of Chapter 560, F.S.; or

    100(e) Collected by means of a repayment plan between the drawer and the provider or as the result of credit counseling where the provider has been paid the amount required under such plan.

    133(f) Deposited by the provider or processed for collection through the ACH system and the provider has not received notice within fourteen (14) days that the check representing the final payment has been returned for insufficient funds, stop payment or closed account. The 176deferred presentment 178database will automatically close the transaction after fourteen (14) days if the provider has updated the transaction status to reflect the deposit and no action has been taken by the provider to update the 212deferred presentment 214database to reflect that the check has been returned as discussed above.

    2261. Notwithstanding the automatic termination provision of paragraph 23469V-560.903(1)(a), 235F.A.C., providers shall immediately close all transactions in the 244deferred presentment 246database when a transaction is terminated as required by subsection 25669V-560.908(6), 257F.A.C.

    2582. In the event that the amount collected from the drawer exceeds the face amount of any check, the provider shall notify the drawer that he or she may retrieve such excess at the provider’s location where the initial agreement between the drawer and provider was executed.

    3053. Each deferred presentment provider shall develop and implement written policies and procedures relating to the reconciliation of returned items where termination of the existing transaction is accomplished pursuant to paragraph 33669V-560.903(1)(f), 337F.A.C., which clearly supports the timely and accurate update of transactional information on the 351deferred presentment 353database.

    354(2)(a) The drawer shall provide evidence to the provider that the checks that were the basis of a previous deferred presentment transaction have cleared the drawer’s account at least 24 hours prior to entering into a new deferred presentment transaction (except that the provider may obtain such evidence as provided in subparagraph 4., below). Evidence of a check having cleared the drawer’s account may include, but shall not be limited to:

    4251. A copy of the drawer’s bank statement showing the checks have cleared;

    4382. The canceled check or copies of the canceled check;

    4483. A copy of any other record provided by the drawer’s financial institution or electronic network to which that financial institution subscribes such as an ATM inquiry that shows the check to have cleared; or

    4834. A verbal representation, documented in writing by the provider, from the drawer’s financial institution to the provider that the drawer’s checks have cleared, if the drawer’s financial institution will provide such representation.

    516(b) Upon receipt of evidence that all of the drawer’s checks that were the basis of a previous deferred presentment transaction have cleared, the provider shall immediately update the 545deferred presentment 547database to close the transaction. The provider who deposited the drawer’s check is the only provider that can close the transaction on the 570deferred presentment 572database.

    573(c) The provider shall retain a copy of the evidence presented by the drawer which it relies upon to terminate an existing deferred presentment transaction.

    598Rulemaking Authority 600560.105, 601560.404 FS. 603Law Implemented 605560.404, 606560.405 FS. 608History–New 4-17-02, Formerly 3C-560.903, Amended 9-14-04, 1-13-09, 11-28-19.