Florida Statutes
Fla. Stat. § 560.402 (2025)
Definitions.
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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.
Notes of Decisions
Cited in 4
cases, 2002–2006 · leading case: McKenzie Check Advance of Florida v. Betts, 928 So. 2d 1204 (Fla. 2006).
McKenzie Check Advance of Florida v. Betts, 928 So. 2d 1204 (Fla. 2006). “§ 560.402(10). Importantly, Part IV of chapter 560, as amended in 2001, imposes strict requirements for deferred presentment transactions.”
Betts v. Ace Cash Express, Inc., 827 So. 2d 294 (Fla. 5th DCA 2002). “The Act specifically allows "deferred presentment transactions" and defines them in section 560.402(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…”
Betts v. Advance Am., 213 F.R.D. 466 (M.D. Fla. 2003). ““The Act specifically allows ‘deferred presentment transactions’ and defines them in section 560.402(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…”
Betts v. McKenzie Check Advance of Florida, LLC, 879 So. 2d 667 (Fla. 4th DCA 2004). “" § 560.402(6), Fla. Stat. (2001). In the amended version of the statute, the Legislature expressly authorized deferred presentment transactions subject to the lender's compliance with strict record-keeping, notice, and Truth-in-Lending disclosure requirements.”
— 560.402(10) — 1 case
McKenzie Check Advance of Florida v. Betts, 928 So. 2d 1204 (Fla. 2006). “§ 560.402(10). Importantly, Part IV of chapter 560, as amended in 2001, imposes strict requirements for deferred presentment transactions.”
— 560.402(6) — 4 cases
McKenzie Check Advance of Florida v. Betts, 928 So. 2d 1204 (Fla. 2006). “§ 560.402(10). Importantly, Part IV of chapter 560, as amended in 2001, imposes strict requirements for deferred presentment transactions.”
Betts v. McKenzie Check Advance of Florida, LLC, 879 So. 2d 667 (Fla. 4th DCA 2004). “" § 560.402(6), Fla. Stat. (2001). In the amended version of the statute, the Legislature expressly authorized deferred presentment transactions subject to the lender's compliance with strict record-keeping, notice, and Truth-in-Lending disclosure requirements.”
Betts v. Ace Cash Express, Inc., 827 So. 2d 294 (Fla. 5th DCA 2002). “The Act specifically allows "deferred presentment transactions" and defines them in section 560.402(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…”
Betts v. Advance Am., 213 F.R.D. 466 (M.D. Fla. 2003). ““The Act specifically allows ‘deferred presentment transactions’ and defines them in section 560.402(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…”
— 560.402(8) — 3 cases
McKenzie Check Advance of Florida v. Betts, 928 So. 2d 1204 (Fla. 2006). “§ 560.402(10). Importantly, Part IV of chapter 560, as amended in 2001, imposes strict requirements for deferred presentment transactions.”
Betts v. Ace Cash Express, Inc., 827 So. 2d 294 (Fla. 5th DCA 2002). “The Act specifically allows "deferred presentment transactions" and defines them in section 560.402(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…”
Betts v. Advance Am., 213 F.R.D. 466 (M.D. Fla. 2003). ““The Act specifically allows ‘deferred presentment transactions’ and defines them in section 560.402(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…”
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