HB680 Summary

• Amends the Deferred Presentment Services Act to clarify that a continuous transaction requires at least one day between repayment in full and a new transaction with the same account.

• Establishes a common database with real-time internet access for deferred presentment providers to verify customers do not have outstanding transactions exceeding $500, with the supervisor implementing and managing the database.

• Requires licensees to offer customers an extended repayment option of four equal monthly installments before commencing civil action to collect on defaulted transactions.

• Prohibits unlicensed deferred presentment services conducted through internet, facsimile, telephone, kiosk, or other means with any person physically located in Alabama, making such transactions uncollectable and unenforceable.

• Establishes maximum civil penalty of $1,000 per transaction in violation of the chapter for the supervisor to impose after a hearing.