AN ACT relating to debts.
What changed between versions
The subject matter changed from 'deferred deposit transaction fees' and database administration to general 'debts' and consumer protections for check cashing.
The requirement to maintain and access a central real-time database for tracking transactions was removed entirely.
Licensees must now disclose fees in writing before cashing a check and cannot charge more than $15 per $100 of the check amount.
New rules require licensees to verify customer identity, prohibit advertising that checks can be cashed without ID, and limit a single customer to a maximum of two open transactions.
Licensees are prohibited from cashing checks payable to non-natural persons (like corporations) unless they have specific documentation proving a natural person authorized the transaction.
The fee structure for the database operator was removed, and the maximum total proceeds a customer can have in open deferred deposit transactions was lowered from $600 to $500.