The bill amends the Deferred Presentment Service Transactions Act, specifically section 2, to clarify definitions and update terminology related to deferred presentment service transactions. Key insertions include the definition of "check" to encompass various forms of negotiable instruments, and the term "closed" is elaborated to specify conditions under which a transaction is considered complete. Additionally, the bill modifies the definition of "deferred presentment service transaction" to allow for more flexibility in the agreements between licensees and customers, including the option for a repayment plan.

The bill also updates the language regarding the roles of the "commissioner" and "director," ensuring consistency in the use of terms. It expands the scope of what constitutes a deferred presentment service transaction by including various financial acts under which a delay in presentment of a loan repayment check may occur. The enactment of this bill is contingent upon the passage of Senate Bill No. 739 of the 103rd Legislature.

Statutes affected:
Senate Introduced Bill: 487.2122