Deferred Presentment Services Act

The Deferred Presentment Services Act regulates the business of deferred presentment — advancing funds to a customer against a check or other instrument that is held and presented for payment at a later date. It makes that business a licensed one, setting qualifications, application and fee requirements, and rules for issuing, displaying, transferring control of, and surrendering a license, and it constrains what a licensee may charge, addressing transaction fees, renewals or extensions, repayment, returned-check charges, and excessive charges generally. Licensees must keep business records, report specified events, post public notice of the act's provisions, and submit to examination of their places of business, while the administering agency may adopt rules subject to judicial review, investigate complaints, compel testimony by subpoena, deny, suspend, or revoke a license after a hearing, and resolve violations through consent orders or civil and criminal penalties.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.