2009 - 2010 LEGISLATURE
ASSEMBLY AMENDMENT 5,
TO ASSEMBLY SUBSTITUTE AMENDMENT 1,
TO 2009 ASSEMBLY BILL 447
February 16, 2010 - Offered by Representatives Gottlieb, Newcomer and
Huebsch.
AB447-ASA1-AA5,2,7
1"
(2m) Applications; social security benefits recipients. A payday loan
2provider shall require an applicant to disclose whether the applicant is the recipient
3of benefits under Title II or Title XVI of the federal Social Security Act for whom a
4representative payee has been appointed and, if a representative payee has been
5appointed, the identity of the representative payee. If an applicant discloses the
6identity of a representative payee, the payday loan provider shall notify the
7representative payee in writing that the applicant has applied for a payday loan.".
AB447-ASA1-AA5,2,16
13"(fm) A payday loan provider may not rollover a payday loan unless the
14customer enters into a new payday loan transaction with the payday loan provider,
15including issuing a new check or executing a new authorization to initiate an
16electronic fund transfer.
AB447-ASA1-AA5,2,2217
(gg) A payday loan provider may present a customer's check for payment no
18more than 2 times. The payday loan provider may make a 2nd presentment of the
19check only if at least 3 business days have elapsed since the first presentment and
20the payday loan provider has made a good faith effort to contact the customer since
21the first presentment. The only charge the payday loan provider may impose for
22dishonor of the customer's check is that specified in s. 422.202 (1) (d).
AB447-ASA1-AA5,3,723
(gr) For each customer authorization to initiate an electronic fund transfer
24from the customer's account, a payday loan provider may initiate an electronic fund
1transfer no more than 2 times. The payday loan provider may initiate an electronic
2fund transfer a 2nd time only if at least 3 business days have elapsed since the
3payday loan provider initiated an electronic fund transfer the first time and the
4payday loan provider has made a good faith effort to contact the customer since the
5payday loan provider initiated an electronic fund transfer the first time. The only
6charge the payday loan provider may impose if its instruction to execute an electronic
7fund transfer is denied is a charge equivalent to that specified in s. 422.202 (1) (d).".
