Florida Regulations 69V-560.903: Deferred Presentment Transactions
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(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:
(a) Redeemed by the drawer by payment to the provider of the face amount of the check in cash;
(b) Exchanged by the provider for a cashier’s check or cash from the drawer’s financial institution;
(c) Deposited by the provider and such provider has evidence that such check has cleared in accordance with subsection (2);
(d) Collected by the provider through any civil remedy available under Part IV of Florida Statutes Chapter 560; or
(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.
(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 deferred presentment database 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 deferred presentment database to reflect that the check has been returned as discussed above.
1. Notwithstanding the automatic termination provision of Fl. Admin. Code R. 69V-560.903(1)(a), providers shall immediately close all transactions in the deferred presentment database when a transaction is terminated as required by subsection 69V-560.908(6), F.A.C.
2. 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.
3. 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 Fl. Admin. Code R. 69V-560.903(1)(f), which clearly supports the timely and accurate update of transactional information on the deferred presentment database.
(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:
1. A copy of the drawer’s bank statement showing the checks have cleared;
2. The canceled check or copies of the canceled check;
3. 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
4. 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.
(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 deferred presentment database to close the transaction. The provider who deposited the drawer’s check is the only provider that can close the transaction on the deferred presentment database.
(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.
Rulemaking Authority 560.105, 560.404 FS. Law Implemented 560.404, 560.405 FS. History-New 4-17-02, Formerly 3C-560.903, Amended 9-14-04, 1-13-09, 11-28-19.
Terms Used In Florida Regulations 69V-560.903
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
(b) Exchanged by the provider for a cashier’s check or cash from the drawer’s financial institution;
(c) Deposited by the provider and such provider has evidence that such check has cleared in accordance with subsection (2);
(d) Collected by the provider through any civil remedy available under Part IV of Florida Statutes Chapter 560; or
(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.
(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 deferred presentment database 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 deferred presentment database to reflect that the check has been returned as discussed above.
1. Notwithstanding the automatic termination provision of Fl. Admin. Code R. 69V-560.903(1)(a), providers shall immediately close all transactions in the deferred presentment database when a transaction is terminated as required by subsection 69V-560.908(6), F.A.C.
2. 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.
3. 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 Fl. Admin. Code R. 69V-560.903(1)(f), which clearly supports the timely and accurate update of transactional information on the deferred presentment database.
(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:
1. A copy of the drawer’s bank statement showing the checks have cleared;
2. The canceled check or copies of the canceled check;
3. 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
4. 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.
(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 deferred presentment database to close the transaction. The provider who deposited the drawer’s check is the only provider that can close the transaction on the deferred presentment database.
(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.
Rulemaking Authority 560.105, 560.404 FS. Law Implemented 560.404, 560.405 FS. History-New 4-17-02, Formerly 3C-560.903, Amended 9-14-04, 1-13-09, 11-28-19.