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The Florida Senate

2007 Florida Statutes

Section 560.402, Florida Statutes 2007

560.402  Definitions.--In addition to the definitions provided in ss. 560.103, 560.202, and 560.302 and unless otherwise clearly indicated by the context, for purposes of this part:

(1)  "Affiliate" means a person who directly or indirectly through one or more intermediaries controls or is controlled by, or is under common control with, a deferred presentment provider.

(2)  "Business day" means the hours during a particular day during which a deferred presentment provider customarily conducts business, not to exceed 15 consecutive hours during that day.

(3)  "Days" means calendar days.

(4)  "Deferment period" means the number of days a deferred presentment provider agrees to defer depositing or presenting a payment instrument.

(5)  "Deferred presentment provider" means a person who engages in a deferred presentment transaction and is registered under part II or part III of the code and has filed a declaration of intent with the office.

(6)  "Deferred presentment transaction" means providing currency or a payment instrument in exchange for a person's check and agreeing to hold that person's check for a period of time prior to presentment, deposit, or redemption.

(7)  "Drawer" means any person who writes a personal check and upon whose account the check is drawn.

(8)  "Rollover" means the termination or extension of an existing deferred presentment agreement by the payment of any additional fee and the continued holding of the check, or the substitution of a new check drawn by the drawer pursuant to a new deferred presentment agreement.

(9)  "Fee" means the fee authorized for the deferral of the presentation of a check pursuant to this part.

(10)  "Termination of an existing deferred presentment agreement" means that the check that is the basis for an agreement is redeemed by the drawer by payment in full in cash, or is deposited and the deferred presentment provider has evidence that such check has cleared. A verification of sufficient funds in the drawer's account by the deferred presentment provider shall not be sufficient evidence to deem the existing deferred deposit transaction to be terminated.

(11)  "Extension of an existing deferred presentment agreement" means that a deferred presentment transaction is continued by the drawer paying any additional fees and the deferred presentment provider continues to hold the check for another period of time prior to deposit, presentment, or redemption.

History.--s. 13, ch. 2001-119; s. 725, ch. 2003-261.