Deferred deposit transactions.

Existing law, the California Deferred Deposit Transaction Law, provides for the licensure and regulation by the Commissioner of Corporations of persons engaged in the business of making or negotiating deferred deposit transactions, as defined. Existing law authorizes a licensee to defer the deposit of a customer's personal check for up to 31 days, prohibits the face amount of the check from exceeding $300, and requires each deferred deposit transaction to be made pursuant to a written agreement. This bill would instead authorize the face amount of a check for a deferred deposit transaction to be up to $500.