Regulatory Alerts2014-01-01
Database Service Provider Requirements Under the Deferred Presentment Services Act
The State Banking Department mandates that all deferred presentment service licensees utilize a single, state-approved third-party database provider with real-time internet access to enforce statutory maximum loan limits per customer. This provider must maintain minimum technical standards, grant the department unrestricted free access for continuous compliance monitoring, and facilitate the resolution of customer disputes. Licensees are required to submit accurate and timely data to the system, facing civil money penalties or license revocation for noncompliance or failure to cooperate.
Share