The bill amends the Deferred Presentment Service Transactions Act by updating the responsibilities and terminology associated with the management of a statewide database for deferred presentment service transactions. The term "commissioner" is replaced with "director" throughout the text, indicating a shift in the authority responsible for overseeing the database. The bill mandates the development and maintenance of a real-time, accessible database for licensees and the director, which must undergo a pilot program before being deemed fully operational. It also outlines the conditions under which the director may contract a third-party provider to manage the database, emphasizing the importance of preventing fraud and ensuring compliance with legal requirements.
Additionally, the bill specifies the operational requirements for the database provider, including the secure handling of customer data and the timely closure of transactions. It establishes protocols for licensees to verify customer eligibility for new transactions and mandates that any inquiries into the database must maintain customer confidentiality. The director is tasked with enforcing compliance and investigating violations, with strict penalties for unauthorized access to sensitive customer information. The bill also includes provisions for data retention and archiving, ensuring that customer information is managed responsibly and in accordance with legal standards.
Statutes affected:
Senate Introduced Bill: 487.2142