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 Comptroller shall submit a report to the President of the Senate and the Speaker of the House of Representatives on January 1, 2003, and January 1, 2004, 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 the report, the Comptroller 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.