§480F-4  Deferred deposits, when allowed. 
(a)  No check casher may defer the deposit of a check except as provided in
this section.



(b)  Each deferred deposit shall be made
pursuant to a written agreement that has been signed by the customer and the
check casher or an authorized representative of the check casher.  The written
agreement shall contain a statement of the total amount of any fees charged for
the deferred deposit, expressed both in United States currency and as an annual
percentage rate.  The written agreement shall authorize the check casher to
defer deposit of the personal check until a specific date not later than
thirty-two days from the date the written agreement was signed.  The written
agreement shall not permit the check casher to accept collateral.



(c)  The face amount of the check shall not
exceed $600 and the deposit of a personal check written by a customer pursuant
to a deferred deposit transaction may be deferred for no more than thirty-two
days.  A check casher may charge a fee for deferred deposit of a personal check
in an amount not to exceed fifteen per cent of the face amount of the check. 
Any fees charged for deferred deposit of a personal check in compliance with
this section shall be exempt from chapter 478.



(d)  A check casher shall not enter into an
agreement for deferred deposit with a customer during the period of time that
an earlier agreement for a deferred deposit for the same customer is in
effect.  A deferred deposit transaction shall not be repaid, refinanced, or
consolidated by or with the proceeds of another deferred deposit transaction.



(e)  A check casher who enters into a deferred
deposit agreement and accepts a check passed on insufficient funds, or any
assignee of that check casher, shall not be entitled to recover damages in any
action brought pursuant to or governed by chapter 490.  Instead, the check
casher may charge and recover a fee for the return of a dishonored check in an
amount not greater than $20.



(f)  No amount in excess of the amounts authorized
by this section and no collateral products such as insurance shall be directly
or indirectly charged by a check casher pursuant or incident to a deferred
deposit agreement. [L 1999, c 146, pt of §1; am L 2001, c 20, §1; am L 2003, c
222, §1]