NC H875

Allows licensed check-cashing businesses to offer deferred presentment transactions (holding personal checks for up to 35 days before deposit) and charge a fee up to 15% of the cash advance amount, with a maximum cash advance of $500.

Requires licensees to obtain written agreements from customers, provide clear disclosure of fees compliant with federal Truth in Lending Act, and prohibit rollovers (extending or renewing transactions within 24 hours of payment).

Establishes a real-time Internet-based database operated by a private vendor for licensees to verify customer eligibility and prevent customers from exceeding transaction limits; database must be operational by October 1, 2013.

Prohibits licensees from entering deferred presentment transactions with active-duty military members or their dependents, altering check dates, requiring security or guaranties, or engaging in unfair/deceptive practices.

Requires applicants offering deferred presentment services to maintain a surety bond of $10,000 per location (up to $50,000 maximum) and allows customers to redeem checks early or obtain a one-year extended payment plan if they declare inability to repay.