69V-560.904. Deferred Presentment Transaction Agreement Disclosures and Requirements

(1) Each deferred presentment transaction agreement must contain the following:

(a) For deferred presentment transactions not repayable in installments:

1. The drawer’s full name, address, date of birth, either the last five digits of the social security number or full alien registration number;

2.The face amount and check number of the drawer’s personal check (check number not required for ACH authorizations);

3. The drawer’s signature and signature date;

4. A clear description of the drawer’s payment obligations under the deferred presentment transaction;

5. The amount of currency or the amount of any payment instrument provided to the drawer;

6. A listing of all fees charged to the drawer catagorized by fee type (i.e.,transaction fee and vertification fee);

7. The deferred presentment provider’s name, license number, address, and telephone number;

8. The name, title, signature, and signature date of the authorized employee of the deferred presentment provider who signs the deferred presentment agreement;

9. The date the deferred presentment transaction agreement was executed;

10. The number of days of the deferment period;

11. The date of the last day of the deferment period;

12. The time of day on the last day of the deferment period for the drawer to either redeem his or her check or request a grace period. Such time shall be the close of business for that calendar day;

13. The disclosure requirements required by Section 560.404(13), F.S.;

14. The disclosure notice required by Section 560.404(20), F.S.;

15. The transaction number assigned by the deferred presentment database; and,

16. The address and telephone number of the Office.

(b) For deferred presentment transactions repayable in installments:

1. The drawer’s full name, address, date of birth, either the last five digits of the social security number or full alien registration number;

2. The face amount and check number of each of the drawer’s personal checks;

3. The drawer’s signature and signature date;

4. A clear description of the drawer’s payment obligations under the deferred presentment installment transaction to include an amoritization schedule which must contain each scheduled payment amount, due date, and outstanding transaction balance after each scheduled payment;

5. The amount of currency or the amount of any payment instrument provided to the drawer;

6. A listing of all fees charged to the drawer catagorized by fee type (i.e.,transaction fee and vertification fee);

7. The deferred presentment provider’s name, license number, address, and telephone number;

8. The name, title, signature, and signature date of the authorized employee of the deferred presentment provider who signs the deferred presentment installment transaction agreement;

9. The date the deferred presentment installment transaction agreement was executed;

10. The number of days of each deferment period for each check accepted;

11. The date of the last day of each deferment period for each check accepted and the corresponding check number;

12. The time and date of the business day before each scheduled payment when a drawer may inform the provider that he or she cannot make the scheduled payment in full and request to defer the scheduled payment until after the last scheduled payment;

13. The disclosure requirements required by Section 560.404(13), F.S.;

14. The disclosure notice required by Section 560.404(20), F.S.;

15. The transaction number assigned by the deferred presentment database; and,

16. The address and telephone number of the Office.

(2)(a) If the deferred presentment provider (Part II licensees only) intends to provide the drawer with a payment instrument in lieu of currency, the agreement shall also contain the drawer’s acknowledgment that he or she has consented to accept the provider’s payment instrument in lieu of currency. Such acknowledgment shall clearly state that it is the drawer’s choice to obtain such payment instrument, and that the provider may not require a drawer to accept a payment instrument in lieu of currency. For purposes of this section, the drawer may accept disbursement of the proceeds via ACH credit to the drawer’s account. This acknowledgment shall be separately initialed by the drawer.

(b) If the provider intends to electronically debit the drawer’s account to collect the funds, the agreement shall also contain the drawer’s authorization to the provider permitting the electronic debit of the drawer’s account. This authorization shall be provided in a separate section of the transaction agreement, in not less than 8 point type, and must be initialed by the drawer. Providers must still adhere to all provisions of Part IV of Chapter 560, F.S., regarding the drawer’s payment options under such part.

(3) The transaction agreement may not include any of the following:

(a) A hold harmless clause;

(b) A confession of judgment clause;

(c) Any assignment of or order for payment of wages or other compensation for services;

(d) A provision in which the drawer agrees not to assert any claim or defense arising out of the agreement;

(e) A waiver of any provision of Part IV of Chapter 560, F.S.;

(f) Any representation from the drawer as to the sufficiency of funds regarding any past deferred presentment transactions;

(g) Any statement regarding criminal prosecution with respect to the agreement; and,

(h) Any language regarding additional fees or penalties imposed on the drawer as a result of the agreement.

(4)(a) Upon being given timely notice by a drawer in writing or in person that he or she will not be able to pay the full amount of a deferred presentment transaction not payable in installments owed to the deferred presentment provider in accordance with the agreement, every provider shall verbally advise the drawer of the availability of the sixty (60) day grace period. A provider shall provide the drawer with the written notice required by Section 560.404(22)(b)3., F.S.

(b) The provider shall attach a free copy of the Office’s list of approved consumer credit counseling agencies including the telephone number of the Office.

(5) Upon being given timely notice by a drawer in person or in writing that he or she will not be able to pay the

scheduled payment amount for a deferred presentment installment transaction owed to the deferred presentment provider in accordance with the agreement, every provider shall verbally advise the drawer of the availability to defer only one scheduled payment as authorized in Section 560.404(23), F.S. A provider shall provide the drawer with the following notice upon deferment of a scheduled payment in at least 14-point type in substantially the following form:

NOTICE

Your scheduled payment which was due on [Date] has been deferred to [Date]. If the deferred presentment provider is holding a check for this scheduled payment, the provider may deposit your check if you do not redeem the check by the new deferred date. Be advised Florida law allows only one scheduled payment to be deferred for each deferred presentment installment transaction; therefore, you are not entitled to additional deferments for this transaction.

Rulemaking Authority 560.105, 560.404 FS. Law Implemented 560.309, 560.404, 560.405 FS. History–New 12-17-01, Formerly 3C-560.904, Amended 9-14-04, 1-13-09, 11-28-19.