AL HB258

Amends Section 5-18A-13 of the Alabama Code to change the minimum term of deferred presentment transactions from 10-31 calendar days to a minimum of 30 calendar days.

Licensees may not enter into deferred presentment transactions with customers who have outstanding transactions exceeding $500 from any lender at any location.

Licensees must use third-party private sector databases where available to verify customers do not exceed the $500 outstanding transaction limit.

Requires written agreements signed by the checking account holder with clear disclosure of all fees, charges, and the deposit date in plain language before transaction consummation.

Takes effect immediately upon passage and approval by the Governor or upon becoming law otherwise.