AL SB75

Changes the minimum term for deferred presentment transactions from between 10 and 31 calendar days to a minimum of 30 calendar days.

Licensees must not knowingly enter into deferred presentment transactions with customers who have outstanding balances exceeding $500 from any lender.

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

Mandates written agreements signed by checking account holders that include fee disclosures, deposit dates, and notifications about rollover terms and conditions.

Becomes effective immediately following passage and approval by the Governor or when otherwise becoming law.