AL SB335

Allows customers to repay deferred presentment transactions (payday loans) over a six-month period using three equal monthly installments.

Prohibits the extension of deferred presentment transactions after two continuous transactions.

Reduces the extended repayment option from four months to three equal monthly installments for customers unable to repay in full.

Allows licensees to collect a bad check fee for each bad check presented by customers.

Requires licensees to use a third-party private sector database to verify customers do not have outstanding deferred presentment transactions exceeding $500.