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The Florida Senate

2007 Florida Statutes

Section 560.405, Florida Statutes 2007

560.405  Deposit; redemption.--

(1)  The deferred presentment provider or its affiliate shall not present the drawer's check prior to the agreed-upon date of presentment, as reflected in the deferred presentment transaction agreement.

(2)  Before a deferred presentment provider presents the drawer's check, the check shall be endorsed with the actual name under which the deferred presentment provider is doing business.

(3)  Notwithstanding the provisions of subsection (1), in lieu of presentment, a deferred presentment provider may allow the check to be redeemed at any time upon payment to the deferred presentment provider in the amount of the face amount of the drawer's check. However, payment may not be made in the form of a personal check. Upon redemption, the deferred presentment provider shall return the drawer's check that was being held and provide a signed, dated receipt showing that the drawer's check has been redeemed.

(4)  No drawer can be required to redeem his or her check prior to the agreed-upon date; however, the drawer may choose to redeem the check before the agreed-upon presentment date.

History.--s. 13, ch. 2001-119.