Bill > SB0361

This bill amends the Deferred Presentment Service Transactions Act to update references from "commissioner" to "director" throughout the existing law, while also making several technical improvements to the statewide database used to track and manage deferred presentment service transactions (commonly known as payday loans). The bill requires the database to allow licensees to verify customer transaction history, track compliance with federal regulations, and monitor customer complaints. The database provider must maintain data security, comply with privacy laws, and ensure accurate and timely transaction tracking. The bill sets specific requirements for data retention, including archiving transaction data within 365 days of closing and completely deleting identifying customer information after three years. It also establishes strict rules about accessing customer data, with significant penalties for unauthorized access, including potential misdemeanor charges and mandatory dismissal from employment. Additionally, the bill emphasizes the importance of preventing fraud and abuse in deferred presentment service transactions by giving the director strong oversight capabilities. The bill is tied to another piece of legislation (Senate Bill 360) and will only take effect if that companion bill is also enacted.