HB 433 — AN ACT relating to financial institutions.

UNOFFICIALCHAPTER COPY33 231 RSCHAPTER 33 ( HB 433/GA433 ) AN ACT relating to financial institutions.

or (a)(b) Facilitate common practices and procedures among the states.

(2) "Applicant" means a person filing an application or renewal application for a Page 1 of 8 HB043310.100 - 1241 - XXXX 3/3/2023 11:42 AM GA UNOFFICIAL COPY 23 RS HB 433/GA license in accordance with this subtitle;

Legislative Research Commission PDF Version ACTS OF THE GENERAL ASSEMBLY (d) The payment instrument is collected by the licensee or its agent through any civil remedy available under the laws of this state;

(a) Ownership of, or the power to vote, directly or indirectly, twenty-five percent Page 2 of 8 HB043310.100 - 1241 - XXXX 3/3/2023 11:42 AM GA UNOFFICIAL COPY 23 RS HB 433/GA (25%) or more of a class of voting securities or voting interests of a licensee or applicant, or the person in control of a licensee or applicant;

Page 3 of 8 HB043310.100 - 1241 - XXXX 3/3/2023 11:42 AM GA UNOFFICIAL COPY 23 RS HB 433/GA (16) "Deferred deposit transaction" or "deferred presentment service transaction" means, for consideration, accepting a payment instrument, and holding the payment instrument for a period of time prior to deposit or presentment in accordance with an agreement with or any representation made to the customer whether express or implied;

CHAPTER 33 3 (1) Any fee charged by a licensee for cashing a check or entering into a deferred deposit transaction shall be disclosed in writing to the bearer of the check prior to cashing the check or entering into a deferred deposit transaction, and the fee shall be deemed a service fee and not interest.

A licensee shall not charge a service fee in Page 4 of 8 HB043310.100 - 1241 - XXXX 3/3/2023 11:42 AM GA UNOFFICIAL COPY 23 RS HB 433/GA excess of fifteen dollars ($15) per one hundred dollars ($100) on the face amount of the deferred deposit check.

If a payment instrument is returned to the licensee by a financial institution for any of these reasons, the licensee shall not release the payment instrument without the written consent of the prosecutor or law enforcement Page 5 of 8 HB043310.100 - 1241 - XXXX 3/3/2023 11:42 AM GA UNOFFICIAL COPY 23 RS HB 433/GA authority, or a court order.

(c) If the customer represents in writing that the customer has more than one (1) deferred deposit transaction outstanding to licensees or if the total proceeds received by the customer from the deferred deposit transactions equal or exceed five hundred dollars ($500), a licensee shall not enter into another deferred deposit transaction with that customer until the customer represents Page 6 of 8 HB043310.100 - 1241 - XXXX 3/3/2023 11:42 AM GA UNOFFICIAL COPY 23 RS HB 433/GA to the licensee in writing that the customer qualifies to enter into a new deferred deposit transaction under the requirements set forth in this subtitle.

Legislative Research Commission PDF Version ACTS OF THE GENERAL ASSEMBLY (11) A licensee shall not use any device or agreement, including agreements with an affiliate of a licensee, with the intent to obtain greater charges than are authorized in this subtitle.

(17) Each licensee shall conspicuously display in each of its deferred deposit business Page 7 of 8 HB043310.100 - 1241 - XXXX 3/3/2023 11:42 AM GA UNOFFICIAL COPY 23 RS HB 433/GA locations a sign supplied by the commissioner that gives the following notice:

PageSigned 8by ofGovernor 8March HB043310.10020, -2023. 1241 - XXXX 3/3/2023 11:42 AM GA