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, reflecting a shift in authority. The director is tasked with developing and maintaining a real-time, accessible database for licensees, which must undergo a pilot program before being deemed fully operational. The bill outlines the requirements for the database provider, including the need to prevent fraud and ensure compliance with privacy laws, and establishes protocols for handling transaction statuses and customer data.

Additionally, the bill specifies that the database must allow licensees to verify customer transactions and compliance with federal regulations, while also ensuring that customer information remains confidential and protected from public disclosure. The director is granted the authority to investigate violations and enforce compliance, with strict penalties for unauthorized access to sensitive customer information. The bill also mandates that data retention and deletion policies be established to ensure that customer information is only kept as long as necessary for compliance and enforcement purposes. The enactment of this bill is contingent upon the passage of Senate Bill No. 360.

Statutes affected:
Senate Introduced Bill: 487.2142
As Passed by the Senate: 487.2142