Deferred Presentment Provider
Deferred Presentment Provider: A "deferred presentment provider" is licensed under Chapter 560, Florida Statutes, Part II or Part III, and engages in a deferred presentment transaction, which is to provide currency or a payment instrument in exchange for a person's check and agreeing to hold the person's check for a period of time prior to presentment, deposit, or redemption.
Application Requirements
All persons who desire to become a deferred presentment provider must be licensed as a Money Services Business pursuant to Chapter 560, Florida Statutes., Part II or Part III. To engage in such business, the licensee or applicant must submit online a Declaration of Intent to Engage in Deferred Presentment Transactions (OFR-560-03) together with the required $1,000 fee. No activity can commence until properly licensed to do so.
Apply for the license online via Online Services.
HB 3 Implementation for Financial Services Providers
*Pursuant to Rule 69V-560.1013, Florida Administrative Code, all forms must be filed electronically with the Office through the REAL System.
Additional Information
DPP Database
When licensed with the Office, deferred presentment providers are required to process their customer transactions through the Deferred Presentment Transaction System. Customer support and training information are also available at the website address above.
Consumer Credit Counseling Agencies Section 560.404(22), Florida Statutes provides that any consumer who informs a provider, in person, prior to the due date in the agreement that they will be unable to pay the transaction in full shall be given a 60-day grace period extending the term of the agreement without additional charges. The grace period is available provided that the consumer makes an appointment within 7 days to complete consumer credit counseling within the grace period. The Office maintains a listing of nonprofit consumer credit counseling agencies that have requested to provide such assistance to Florida residents.
Maintaining or Renewing License
Filings to maintain, amend and renew the license are completed via Online Services.
Note the following required filings (see all applicable forms in the Forms section below):
- Quarterly Reports, submitted within 45 days after the end of each calendar quarter.
As a licensee under Chapter 560, Florida Statutes you are required to submit certain notices to the Office pursuant to Chapter 560.126, Florida Statutes. Refer to the statute for more information.
View required records retention by Deferred Presentment Providers.
** Above are only some of the requirements of a licensee under Chapter 560, Florida Statutes and Rule 69V-560, Florida Administrative Code. To review all requirements of a licensee, please access Chapter 560, Florida Statutes, and Rule 69V-560, Florida Administrative Code.
Forms
OFR-560-03 - Declaration of Intent to Engage in Deferred Presentment Transactions
OFR-560-08 - Request for Exemption from Electronic Filing Requirements
OFR-560-09 - Disciplinary Guidelines for Money Services Businesses
OFR-560-10 - Money Services Businesses Attestation Form