FL S0920

Establishes a new "deferred presentment installment transaction" category with maximum check face amount of $1,000 (exclusive of fees) and allows multiple scheduled payments over 60-90 days, compared to standard transactions limited to $500 for 7-31 days.

Caps fees at 8 percent of outstanding transaction balance on a biweekly basis for installment transactions (versus 10 percent for standard transactions) and prohibits prepayment penalties.

Requires deferred presentment providers to allow borrowers to defer one scheduled payment without additional fees if they notify the provider by noon the business day before payment is due, and restricts the deferred payment to occur after the last scheduled payment.

Modifies the common database requirements for providers to track transactions, allowing fees of up to $1 per transaction for standard transactions and up to $1 for each full or partial 30-day period for installment transactions.

Updates federal disclosure requirements to reference 12 C.F.R. part 1026 and the Bureau of Consumer Financial Protection, and adds new consumer notice provisions specific to installment transaction deferment rights.