Florida Statute 560.402 | Lawyer Caselaw & Research

The 2024 Florida Statutes

Title XXXIII
REGULATION OF TRADE, COMMERCE, INVESTMENTS, AND SOLICITATIONS

Chapter 560
MONEY SERVICES BUSINESSES

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F.S. 560.402

560.402 Definitions.—For the purposes of this part, the term:

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

(2) “Deferment period” means the number of days a deferred presentment provider agrees to defer depositing, presenting, or redeeming a payment instrument.

(3) “Deferred presentment installment transaction” means a deferred presentment transaction that is repayable in installments.

(4) “Deferred presentment transaction” means providing currency or a payment instrument in exchange for a drawer’s check and agreeing to hold the check for a deferment period.

(5) “Drawer” means a customer who writes a personal check and upon whose account the check is drawn.

(6) “Extension of a deferred presentment agreement” means continuing a deferred presentment transaction past the deferment period by having the drawer pay additional fees and the deferred presentment provider continuing to hold the check for another deferment period.

(7) “Outstanding transaction balance” means the amount received by the drawer from the deferred presentment provider which is due and owing, exclusive of the fees allowed under this part, in a deferred presentment transaction.

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

(9) “Termination of a deferred presentment agreement” means that all checks that are the basis for the agreement are redeemed by the drawer by payment in full in cash, or are deposited and the deferred presentment provider has evidence that such checks have cleared. Verification of sufficient funds in the drawer’s account by the deferred presentment provider is not sufficient evidence to deem that the deferred presentment transaction is terminated.

History.—s. 13, ch. 2001-119; s. 725, ch. 2003-261; s. 43, ch. 2008-177; s. 1, ch. 2018-26.

F.S. 560.402 on Google Scholar

F.S. 560.402 on Casetext

Amendments to 560.402

Arrestable Offenses / Crimes under Fla. Stat. 560.402

Level: Degree
Misdemeanor/Felony: First/Second/Third

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 560.402.

Annotations, Discussions, Cases:

Cases Citing Statute 560.402

Total Results: 3

McKenzie Check Advance of Florida v. Betts

Court: Fla. | Date Filed: 2006-04-27T00:53:00-07:00

Citation: 928 So. 2d 1204

Snippet: to presentment, deposit, or redemption." § 560.402(6). In the amended version of the statute, the …to presentment, deposit, or redemption." § 560.402(6). Moreover, "rollover" was defined … a new deferred presentment agreement." § 560.402(8). Additionally, "termination of an existing…deferred deposit transaction to be terminated. § 560.402(10). Importantly, Part IV of chapter 560, as amended

Betts v. McKenzie Check Advance of Florida, LLC

Court: Fla. Dist. Ct. App. | Date Filed: 2004-08-11T00:00:00-07:00

Citation: 879 So. 2d 667

Snippet: to presentment, deposit, or redemption." § 560.402(6), Fla. Stat. (2001). In the amended version of

Betts v. Ace Cash Express, Inc.

Court: Fla. Dist. Ct. App. | Date Filed: 2002-08-30T00:53:00-07:00

Citation: 827 So. 2d 294

Snippet: transactions" and defines them in section 560.402(6): "Deferred presentment transaction"…eliminates "rollovers" described in section 560.402(8): "Rollover" means the termination