,i  #aad? ,,congress  #a/ ,session  ,h4 
,r4 #djah  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,novemb] #af1 #bjae   
,mr4 ,ross 7= himself1 ,mr4 ,murphy (   
,florida1 ,mr4 ,curbelo ( ,florida1 ,mr4
 ,ha/+s1 ,ms4 ,br[n ( ,florida1 & ,mr4  
,posey7 introduc$ ! foll[+ bill2 :i* 0  
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,a ,,bill  ,to am5d ! ,tru? 9 
,l5d+ ,act to e/abli% def]r$ pres5tm5t  
transaction requirem5ts1 & = o!r        
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,consum] ,protection &     
,*oice ,act4  #b4 ,def]r$ pres5tm5t     
transaction requirem5ts  7a7 ,9 g5]al   
,*apt] #b ( ! ,tru? 9 ,l5d+ ,act is     
am5d$ by ins]t+ aft] section #abh;,a    
7#ae ,u4,s4,c4 #afch;,a7 ! foll[+ new   
section3  #abh;,b4 ,def]r$ pres5tm5t    
transaction requirem5ts  7a7            
,prohibition on def]r$ pres5tm5t        
transactions ,a def]r$ pres5tm5t        
transaction is prohibit$ except z       
au?oriz$ by ?is section4  7b7           
,regulation ( def]r$ pres5tm5t          

transactions & def]r$ pres5tm5t provid]s
 ,if ! ,director ( ! ,bureau det]m9es t 
a ,/ate has 9 effect a cov]$ def]r$     
pres5tm5t law1 any regulations ( !      
,bureau ) respect to def]r$ pres5tm5t   
transactions & def]r$ pres5tm5t provid]s
 %all n apply 9 su* ,/ate4  7c7 ,cov]$  
def]r$ pres5tm5t law def9$ ,= purposes (
 ?is section1 ! t]m cov]$ def]r$        
pres5tm5t law means a law or regulation 
( a ,/ate t provides = ! lic5s+ ( def]r$
 pres5tm5t provid]s & ! regulation (    
def]r$ pres5tm5t transactions1 :i* may  
be accompli%$ ?r\gh exi/+ ,/ate         
au?ority1 & t meets ! foll[+            
requirem5ts3  7#a7 ,database ,! law or  
regulation mu/ e/abli% a database (     
def]r$ pres5tm5t transactions to assi/  
def]r$ pres5tm5t provid]s ) comply+ ) ! 
requirem5ts ( ?is section1 :i* may be   
op]at$ by a private company select$ by !
 ,/ate4  7#b7 ,def]r$ pres5tm5t provid] 
requirem5ts ,! law or regulation mu/    
require a def]r$ pres5tm5t provid] to-- 
7,a7 be lic5s$ by ! ,/ate2  7,b7 provide

 to ! ,/ate ! results ( a backgr\nd     
*eck1 includ+ f+]pr9t+1 ( ea* (fic] &   
pr9cipal ( ! def]r$ pres5tm5t provid]2  
7,c7 secure a copy ( a valid ,/ate-issu$
 =m ( id5tification f a consum] be=e    
ent]+ into a def]r$ pres5tm5t           
transaction2  7,d7 v]ify ?r\gh ! ,/ate  
def]r$ pres5tm5t transaction database t 
a consum] ent]+ into a def]r$ pres5tm5t 
transaction ) ! def]r$ pres5tm5t        
provid]--  7i7 does n h an out/&+ def]r$
 pres5tm5t transaction2 &  7ii7 did n h 
an out/&+ def]r$ pres5tm5t transaction  
)9 ! previ\s #bd-;h\r p]iod2 &  7,e7    
report to ! ,/ate def]r$ pres5tm5t      
transaction database op]ator            
imm$iately-- 7i7 ^u ent]+ into a def]r$ 
pres5tm5t transaction agreem5t--  7,i7 !
 "n ( ! consum] t provid$ a *eck or o!r 
paym5t in/rum5t = def]r$ pres5tm5t2     
7,,ii7 ! consum]'s social security numb]
 or employm5t au?orization ali5 numb]2  
7,,iii7 ! consum]'s address2  7,,iv7 !  
consum]'s driv]'s lic5se numb] or       
id5tifi] f o!r valid ,/ate-issu$ =m (   

id5tification2  7,v7 ! am\nt ( ! def]r$ 
pres5tm5t transaction2  7,,vi7 ! date   
su* def]r$ pres5tm5t transaction is made
 & ! date on :i* repaym5t ( ! def]r$    
pres5tm5t transaction is due2 &  7,,vii7
 su* o!r in=mation z ! ,/ate det]m9es   
appropriate2 &  7ii7 ^u repaym5t by !   
consum] ( ! am\nt ow$ "u a def]r$       
pres5tm5t transaction agreem5t or aft]  
su* def]r$ pres5tm5t transaction        
agreem5t is o!rwise settl$1 ! date & "t 
on :i* ! am\nt ow$ "u su* def]r$        
pres5tm5t transaction agreem5t is       
satisfi$4  7#c7 ,def]r$ pres5tm5t       
transaction agreem5t requirem5ts ,! law 
or regulation mu/ require t ! t]ms ( a  
def]r$ pres5tm5t transaction agreem5t-- 
7,a7 limit ! total am\nt ( all int]e/ & 
fees t may be *>g$ to a consum] by a    
def]r$ pres5tm5t provid] ) respect to a 
def]r$ pres5tm5t transaction to no m ?an
 #aj p]c5t ( ! am\nt ( su* a def]r$     
pres5tm5t transaction & no m ?an a #e   
process+ fee2  7,b7 limit ! duration ( !
 def]r$ pres5tm5t transaction to a p]iod

 no long] ?an #ca days or less ?an #g   
days2  7,c7 limit ! am\nt ( ! def]r$    
pres5tm5t transaction to no m ?an #ejj1 
exclusive ( all[$ fees2  7,d7 be 9      
writ+2  7,e7 provide t ! consum] %all-- 
7i7 h ! "r to resc9d any def]r$         
pres5tm5t transaction agreem5t )9 ! fir/
 #bd h\rs ( ! def]m5t p]iod2 &  7ii7 pay
 any all[able process+ fee reg>dless (  
su* rescission2 &  7,f7 include su* o!r 
in=mation z ! ,/ate det]m9es to be      
appropriate4  7#d7 ,treatm5t ( pa/-due  
am\nts ,! law or regulation mu/ require 
t if a consum] fails to repay ! am\nt   
due pursuant to a def]r$ pres5tm5t      
transaction agreem5t by ! contractual   
repaym5t date1 a def]r$ pres5tm5t       
provid] %all provide an additional      
#fj-;day grace p]iod1 )\t any additional
 *>ge1 = ! consum] to repay su* am\nt   
be=e ! def]r$ pres5tm5t provid] may     
reque/ paym5t = ! *eck or o!r paym5t    
in/rum5t or pursue o!r civil rem$ies1   
subject to ! conditions t ! grace p]iod 
w--  7,a7 t]m9ate imm$iately if1 be=e ! 

end ( ! #g-;day p]iod beg9n+ on ! date (
 ! contractual repaym5t date1 ! consum] 
fail$ to make an appo9tm5t to att5d a   
c\rse ) a consum] cr$it c\nsel+ ag5cy & 
in=m ! def]r$ pres5tm5t provid] ( su*   
appo9tm5t2 &  7,b7 be deem$ to h t]m9at$
 at ! end ( ! #g-;day p]iod beg9n+ on ! 
date ( ! contractual repaym5t date if1  
be=e ! end ( ! #fj-;day p]iod beg9n+ on 
! date ( ! contractual repaym5t date1 ! 
consum] fail$ to complete a c\rse ) a   
consum] cr$it c\nsel+ ag5cy & in=m !    
def]r$ pres5tm5t provid] ( ! completion 
( su* c\rse4  7d7 ,compliance ,a def]r$ 
pres5tm5t transaction t complies ) !    
requirem5ts ( ?is section & applicable  
,/ate law %all n be consid]$ to be an   
unfair1 deceptive1 or abusive act or    
practice4  7e7 ,effective ,date ,!      
requirem5ts ( ?is section %all take     
effect on ! date t is #bd mon?s aft] !  
date ( ! enactm5t ( ?is section4  7f7   
,def9itions ,= purposes ( ?is section3  
7#a7 ,def]m5t p]iod ,! t]m def]m5t p]iod
 means ! numb] ( days a def]r$ pres5tm5t

 provid] agrees to wait be=e deposit+1  
pres5t+1 or r$eem+ a consum]'s *eck or  
o!r paym5t in/rum5t "u a def]r$         
pres5tm5t transaction agreem5t4  7#b7   
,def]r$ pres5tm5t provid] ,! t]m def]r$ 
pres5tm5t provid] means a p]son :o holds
 a lic5se to be a def]r$ pres5tm5t      
provid] 9 ! ,/ate 9 :i* a def]r$        
pres5tm5t transaction agreem5t is ent]$ 
into & :o provides curr5cy or o!r paym5t
 in/rum5t to a consum] z "p ( a def]r$  
pres5tm5t transaction4  7#c7 ,def]r$    
pres5tm5t transaction ,! t]m def]r$     
pres5tm5t transaction means a           
transaction 9 :i* curr5cy or o!r paym5t 
in/rum5t is provid$ to a consum] 9      
ex*ange = a consum]'s *eck or o!r paym5t
 in/rum5t & an agreem5t t su* consum]'s 
*eck or o!r paym5t in/rum5t %all be held
 = a def]m5t p]iod prior to pres5tm5t1  
deposit1 or r$emption4  7#d7 ,def]r$    
pres5tm5t transaction agreem5t ,! t]m   
def]r$ pres5tm5t transaction agreem5t   
means ! und]ly+ agreem5t e/abli%+ a     
def]r$ pres5tm5t transaction4  7#e7 ,o!r

 paym5t in/rum5t ,! t]m o!r paym5t      
in/rum5t means a draft1 w>rant1 money   
ord]1 travel]'s *eck1 or electronic     
in/rum5t 7o!r ?an curr5cy74  7#f7 ,/ate 
,! t]m ,/ate means ea* ( ! sev]al       
,/ates1 ! ,di/rict ( ,columbia1 & ea*   
t]ritory & possession ( ! ,unit$ ,/ates4
  7#g7 ,/ate def]r$ pres5tm5t           
transaction database ,! t]m ,/ate def]r$
 pres5tm5t transaction database means ! 
database e/abli%$ by ! ,/ate t issu$ !  
consum]'s =m ( id5tification4  4  7b7   
,cl]ical am5dm5t ,! table ( cont5ts at !
 beg9n+ ( *apt] #b ( ! ,tru? 9 ,l5d+    
,act is am5d$ by ins]t+ aft] ! item     
relat+ to section #abh;,a ! foll[+ new  
item3  #abh;,b4 ,def]r$ pres5tm5t       
transaction requirem5ts4  4  #c4        
,moratorium & safe h>bor  7a7           
,moratorium ,! ,bureau ( ,consum]       
,f9ancial ,protection may n promulgate  
or en=ce any regulation relat$ to def]r$
 pres5tm5t provid]s ) respect to def]r$ 
pres5tm5t transactions dur+ ! #bd-mon?  
p]iod beg9n+ on ! date ( enactm5t ( ?is 

,act4  7b7 ,safe h>bor ,! ,bureau (     
,consum] ,f9ancial ,protection may n    
impose any additional requirem5ts relat$
 to def]r$ pres5tm5t provid]s ) respect 
to def]r$ pres5tm5t transactions 9 a    
,/ate if su* ,/ate has enact$ a cov]$   
def]r$ pres5tm5t law by ! effective date
 9 subsection 7e7 ( section #abh;,b ( ! 
,tru? 9 ,l5d+ ,act1 z add$ by section   
#b7;a74  7c7 ,payday loans ,! ,bureau ( 
,consum] ,f9ancial ,protection-- 7#a7   
may n regulate payday loans dur+ !      
#bd-mon? p]iod beg9n+ on ! date (       
enactm5t ( ?is ,act2 &  7#b7 may        
regulate payday loans 9 a ,/ate aft] su*
 p]iod only if su* ,/ate has n enact$ a 
cov]$ def]r$ pres5tm5t law4  7d7        
,def9itions ,= purposes ( ?is section3  
7#a7 ,,tila def9itions ,! t]ms cov]$    
def]r$ pres5tm5t law1 def]r$ pres5tm5t  
provid]1 def]r$ pres5tm5t transaction1 &
 ,/ate %all h ! mean+s giv5 su* t]ms "u 
section #abh;,b ( ! ,tru? 9 ,l5d+ ,act1 
z add$ by section #b7;a74  7#b7 ,payday 
loan ,! t]m payday loan means a loan    

describ$ "u section #ajbd7;a77#a77;,e7 (
 ,public ,law #aaa-bjc 7#ab ,u4,s4,c4   
#eead7;a77#a77;,e771 except t su* t]m   
does n include a def]r$ pres5tm5t       
transaction4