Florida Senate - 2010                                     SB 536
       By Senator Constantine
       22-00227-10                                            2010536__
    1                        A bill to be entitled                      
    2         An act relating to the Money Transmitters’ Code;
    3         creating s. 560.4031, F.S.; providing that any
    4         deferred presentment transaction entered into by a
    5         drawer with a nonexempt person who is not registered
    6         under ch. 560, F.S., is void; providing penalties and
    7         civil remedies; providing that it is a felony of the
    8         third degree to collect on any deferred presentment
    9         transaction known to be void; providing criminal
   10         penalties; providing an effective date.
   12  Be It Enacted by the Legislature of the State of Florida:
   14         Section 1. Section 560.4031, Florida Statutes, is created
   15  to read:
   16         560.4031Remedies for deferred presentment transactions
   17  engaged in without registration.—
   18         (1)Any deferred presentment transaction entered into by a
   19  drawer with a person who is not exempt from this chapter and who
   20  is not registered under this chapter is void. In such cases, the
   21  person, or any agent, officer, or representative of the person,
   22  forfeits all moneys provided and fees charged to the drawer and
   23  may not collect any moneys or fees on the deferred presentment
   24  transaction.
   25         (2)A drawer may recover in a civil action or arbitration
   26  three times the amount of the moneys and fees actually collected
   27  by a person pursuant to a deferred presentment transaction that
   28  is void under subsection (1).
   29         (3)A deferred presentment transaction engaged in by a
   30  prior registrant under this part whose registration has
   31  inadvertently lapsed within the year preceding the date of the
   32  transaction is not void under this section unless the prior
   33  registrant continued to engage in such transactions knowing its
   34  registration had lapsed.
   35         (4)Any person who willfully attempts to collect on any
   36  deferred presentment transaction that he or she knows to be void
   37  under subsection (1) commits a felony of the third degree,
   38  punishable as provided in s. 775.082, s. 775.083, or s. 775.084.
   39         Section 2. This act shall take effect July 1, 2010.

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