The Florida Senate

560.408  Legislative intent; report.--

(1)  It is the intent of the Legislature to provide for the regulation of deferred presentment transactions. It is further the intent of the Legislature to prevent fraud, abuse, and other unlawful activity associated with deferred presentment transactions in part by:

(a)  Providing for sufficient regulatory authority and resources to monitor deferred presentment transactions.

(b)  Preventing rollovers.

(c)  Regulating the allowable fees charged in connection with a deferred presentment transaction.

(2)  The director of the office shall submit a report on January 1, 2004, to the President of the Senate and the Speaker of the House of Representatives containing findings and conclusions concerning the effectiveness of this act in preventing fraud, abuse, and other unlawful activity associated with deferred presentment transactions. The report may contain legislative recommendations addressing the prevention of fraud, abuse, and other unlawful activity associated with deferred presentment transactions. Prior to filing each report, the Comptroller and director of the office shall consult with the Attorney General for the purpose of including any recommendations or concerns expressed by the Attorney General.

History.--s. 13, ch. 2001-119; s. 730, ch. 2003-261.