69V-560.902. Definitions

(1) The term “provider” means a deferred presentment provider as defined by Section 560.103(12), F.S.

(2) The term “close of business” means the time of day that a provider closes its office to the public for that calendar day or 7:00 p.m. at the election of the licensee.

(3) The term “registered” means that a deferred presentment provider has provided to the database the information required to identify a valid deferred presentment transaction.

(4) The term “recorded” means that the database has assigned a transaction authorization number to a registered transaction, logged it as an open transaction, and communicated the transaction authorization number to the deferred presentment provider.

(5) The term “consumer credit counseling” means a confidential comprehensive personal money management review, including budget counseling resulting in a written assessment of the client’s financial situation by the consumer credit counselor which includes a suggested client action plan based upon a range of options chosen according to the best interests of the client. The suggested client action plan may include: the client handling their financial concerns on their own; enrollment in a debt repayment plan managed by the credit counseling agency; and/or information about bankruptcy other than legal advice.

(6) The term “open transaction” or “open” means a transaction which has been registered and recorded but not terminated or pending.

(7) The term “pending transaction” or “pending” means a transaction that is in the process of clearing the banking system, in the 60-day grace period pursuant to Section 560.404(22)(a), F.S., or returned to the provider pursuant to Section 560.406, F.S.

(8) The term “closed transaction” or “close” or “terminated” means a transaction terminated as provided in subsection 69V-560.903(1), F.A.C.

(9) The term “immediately” means prior to the customer exiting the location in all circumstances except for depositing of checks, processing of ACH items for collection, or grace period related updates. In such instance, the term shall mean not later than 11:59 p.m. on the date that the event creating the need for the database update occurs.

(10) The term “check” means any authorization to transfer or withdraw funds from an account signed by the drawer, including any authorization by a drawer to execute an Automated Clearing House debit transaction.

Rulemaking Authority 560.105, 560.404 FS. Law Implemented 560.402, 560.404 FS. History–New 12-17-01, Amended 4-17-02, Formerly 3C-560.902, Amended 9-14-04, 1-13-09, 11-28-19.