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1999 SESSION

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HB 2467 Check cashers; deferred deposit agreements.

Introduced by: Gladys B. Keating | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Banking and finance; check cashers; deferred deposit agreements. Authorizes check cashers to accept checks for encashment on a deferred deposit basis. This authorization permits check cashers to cash a customer’s check immediately, while agreeing, however, to deposit the check at some time in the future. The bill requires deferred deposit agreements to be in writing, and the agreement must specify any and all charges associated with the agreement. Additionally, the fee charged for the deferred deposit transaction may not exceed 15 percent of the check’s face value. In the event that the check, when eventually deposited, is returned for insufficient funds, the check casher may also recover any civil damages allowed (i) by law for bad checks or (ii) by contract between the check casher or any assignee of the check casher and the customer. Finally, the bill provides that a customer who enters into a deferred deposit agreement and offers a personal check to a check casher pursuant to that agreement will not be subject to any criminal penalty for his failure to comply with the terms of that agreement.


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