FL S0536

Deferred presentment transactions entered into by a drawer with an unregistered, nonexempt person are void, and the unregistered person forfeits all moneys and fees provided and may not collect any amounts on the transaction.

A drawer may recover three times the amount of moneys and fees actually collected through a void deferred presentment transaction in a civil action or arbitration.

A deferred presentment transaction by a prior registrant whose registration lapsed within the preceding year is not void unless the registrant knowingly continued engaging in transactions after the lapse.

Willfully attempting to collect on a deferred presentment transaction known to be void is a third-degree felony, punishable under Florida Statutes sections 775.082, 775.083, or 775.084.

Effective date is July 1, 2010.