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DIGEST OF INTRODUCED BILL
Deferred presentment transactions. Defines a "deferred presentment transaction" as a transaction in which a person licensed by the department of financial institutions (licensee) cashes a customer's check without presenting the check for payment for up to 31 days. Provides that a deferred presentment transaction is not a loan. Limits the amount of fees and additional charges a licensee can require the maker of a check to pay. Requires a deferred presentment transaction to be in writing. Provides penalties to the customer in a deferred presentment transaction if the maker's account has insufficient funds, is closed, or there is a stop payment order on the check. Prohibits a customer from having more than four deferred presentment transactions totaling more than $500 at any one time. Prohibits a licensee from taking an assignment of earnings of the maker for payment or security for payment of a deferred presentment transaction.