69V-560.910. Deferred Presentment Database Transaction Fees

(1) The database transaction fee shall be $1.00 per transaction for deferred presentment transactions not repayable in installments, and $1.00 for each full or partial 30-day period that a balance is scheduled to be outstanding for a deferred presentment installment transaction. A provider shall be assessed this fee for each transaction that has been both registered and recorded on the deferred presentment database. On behalf of the Office of Financial Regulation, the deferred presentment database vendor shall make available electronically an invoice to the provider for its transaction fees at least five (5) business days before payment is due and the provider shall pay each such invoice within five (5) business days of the invoice date. The deferred presentment database vendor shall submit such invoices for payment to the provider every seven (7) calendar days.

(2) The deferred presentment database vendor shall collect all transaction fees on behalf of the Office of Financial Regulation. A provider has the option of paying for transactions by ACH payment to be initiated by the deferred presentment database vendor, at no cost to the provider; by EFT to be initiated by the provider, at the provider’s expense; or by any other commercially electronic methods of payment. If the provider elects to pay by ACH, the provider must sign a form authorizing the deferred presentment database vendor to initiate debit entries for transaction fees and to initiate, if necessary, credit entries and adjustments for any debit entries made in error to the provider’s bank account.

Rulemaking Authority 560.105, 560.404(24) FS. Law Implemented 560.404 FS. History–New 4-17-02, Formerly 3C-560.910, Amended 11-28-19.