SB 58 Summary

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

• Replaces the existing range of 10 to 31 calendar days with a fixed minimum of 30 calendar days after the contract date.

• Maintains all other existing provisions regarding deferred presentment transaction requirements, including the $500 outstanding transaction limit per customer.

• Becomes effective immediately upon passage and approval by the Governor or upon otherwise becoming law.