Senate Bill sb1454

    Florida Senate - 2002                                  SB 1454

    By Senator Constantine





    9-1401A-02

  1                      A bill to be entitled

  2         An act relating to the Deferred Presentment

  3         Act; amending s. 560.402, F.S.; redefining the

  4         term "termination of an existing deferred

  5         presentment agreement"; repealing s.

  6         560.404(17), F.S., which provides that a

  7         deferred presentment provider may not require a

  8         drawer to accept its payment instrument in lieu

  9         of currency; providing an effective date.

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11  Be It Enacted by the Legislature of the State of Florida:

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13         Section 1.  Subsection (10) of section 560.402, Florida

14  Statutes, is amended to read:

15         560.402  Definitions.--In addition to the definitions

16  provided in ss. 560.103, 560.202, and 560.302 and unless

17  otherwise clearly indicated by the context, for purposes of

18  this part:

19         (10)  "Termination of an existing deferred presentment

20  agreement" means that the check that is the basis for an

21  agreement is redeemed by the drawer by payment in full in

22  cash, or is deposited. and the deferred presentment provider

23  has evidence that such check has cleared.  A verification of

24  sufficient funds in the drawer's account by the deferred

25  presentment provider shall not be sufficient evidence to deem

26  the existing deferred deposit transaction to be terminated.

27         Section 2.  Subsection (17) of section 560.404, Florida

28  Statutes, is repealed.

29         Section 3.  This act shall take effect upon becoming a

30  law.

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    Florida Senate - 2002                                  SB 1454
    9-1401A-02




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  2                          SENATE SUMMARY

  3    Revises the Deferred Presentment Act to redefine the term
      "termination of an existing deferred presentment
  4    agreement" and remove a requirement for a deferred
      presentment transaction.
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CODING: Words stricken are deletions; words underlined are additions.