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Definition
A "deferred presentment provider" is a person who engages in a
deferred presentment transaction, which is to provide currency
or a payment instrument in exchange for a person's check and
agreeing to hold the person's check for a period of time prior
to presentment, deposit, or redemption.
Regulations Specific to DPT Activity
Licensing Requirements
All persons who desire to become a deferred presentment provider
must be licensed as a Money Transmitter pursuant to Chapter 560,
F.S., Part II or Part III. To engage in such business, the
registrant or applicant must submit
a
Declaration of Intent to
Engage in Deferred Presentment Transactions (OFR-560-03)
together with the required $1,000 fee. No activity can commence
until properly registered to do so.
DPP Database
Once licensed with the Office, deferred presentment providers
are required to process their customer transactions through the
Deferred Presentment Transaction System, available at
www.fladpp.com. Customer support and training information are
also available at this website address.
Consumer Credit Counseling Agencies
Section 560.404(22), F.S. provides that any consumer who informs
a provider, in person, prior to the due date in the agreement
that they will be unable to pay the transaction in full shall be
given a 60-day grace period extending the term of the agreement
without additional charges. The grace period is available
provided that the consumer makes an appointment within 7 days to
complete consumer credit counseling within the grace period. The
Office maintains a
listing of nonprofit consumer credit counseling agencies
that have requested to provide such assistance to Florida
residents.
Background
Effective October 1, 2001, the State of Florida enacted new
legislation regarding Money Transmitters and deferred
presentment transactions. The legislative intent is to provide
for the regulation of deferred presentment transactions, and to
prevent fraud, abuse and other unlawful activity associated with
deferred presentment transactions, in part by:
Providing for sufficient regulatory authority and resources
to monitor deferred presentment transactions.
Preventing rollovers.
Regulating the allowable fees charged in connection with a
deferred presentment transaction.
FORMS AND INSTRUCTIONS
The documents
listed below are PDF format and are viewed using the
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charge.
Note: Printing Instructions If you wish to file
PDF forms, use the Adobe Acrobat PDF file and print the form
using the print icon in the Acrobat Reader window - NOT your
browser's print icon or file - print command.
Disclaimer:
The information on this web site is provisional. For matters
affecting legal rights, please refer to the printed version of
the appropriate official publication.
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