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 updates the language regarding the roles of the "licensee" and "customer," ensuring consistency in terminology throughout the act.

Significant deletions include the removal of gender-specific language, replacing terms like "his or her" with "the director's" and "borrower" with "customer." The bill also expands the definition of "deferred presentment service transaction" to clarify the obligations of the licensee and the customer. Furthermore, it specifies that certain delays in presentment of loan repayment checks do not fall under the definition of deferred presentment service transactions, listing various acts under which such transactions may be exempt. The enactment of this bill is contingent upon the passage of House Bill No. 6177.

Statutes affected:
House Introduced Bill: 487.2122