The bill amends the Deferred Presentment Service Transactions Act by updating Section 11 to clarify licensing requirements for businesses providing deferred presentment service transactions. It establishes that, effective June 1, 2006, individuals or entities must obtain a separate license for each location where these services are offered. The bill also specifies that certain entities, such as state or nationally chartered banks and those licensed under the earned wage access services act, are exempt from these licensing requirements.

Additionally, the bill mandates that by January 1, 2006, the commissioner must create an application process and timeline for obtaining these licenses. It allows individuals to continue operating without a license until they either miss the application deadline or the commissioner processes their application. The enactment of this amendatory act is contingent upon the passage of House Bill No. 5558.

Statutes affected:
House Introduced Bill: 487.2131