Alabama’s Deferred Presentment Services Act
NOTICE: FEES FOR DEFERRED PRESENTMENT
TRANSACTIONS MAY BE SIGNIFICANTLY HIGHER THAN FOR OTHER
TYPES OF LOANS.
Maximum Fee: The most that any Deferred
Presentment provider may charge for Deferred Presentment
transactions is 17.5% of the cash advanced. Easy Money
Charges 17.5 % for these transactions. The following
table illustrates Easy Money‘s fee structure:
| Loan Amount |
Fee Rate |
Fee Amount |
Total of Payments |
| $100 |
17.5% |
$17.50 |
$117.50 |
| $150 |
17.5% |
$26.25 |
$176.25 |
| $200 |
17.5% |
$35.00 |
$235.00 |
| $250 |
17.5% |
$43.75 |
$293.75 |
| $300 |
17.5% |
$52.50 |
$352.50 |
| $350 |
17.5% |
$61.25 |
$411.25 |
| $400 |
17.5% |
$70.00 |
$470.00 |
| $450 |
17.5% |
$78.75 |
$528.75 |
| $500 |
17.5% |
$87.50 |
$587.50 |
No other fees may be charged for these transactions,
except if a check “bounces” once it is deposited at a
bank, then the provider may charge a one-time NSF fee of
up to $30.00. And if the provider must go to court to
enforce payment of this loan, then you may be assessed
court costs and up to 15% of the face amount of the
check as attorney’s fees. You cannot be arrested or sent
to jail for passing a “worthless” deferred presentment
check except due to a closed account.
Maximum Loan Amount: The law limits the maximum
loan amount that any one borrower may have with all
Deferred Presentment providers to $500. The provider
will be verifying your other outstanding deferred
presentment loans with a database to determine
compliance with the law.
Term: Deferred Presentment transactions cannot be
made for a term of less than 10 days or more that 31
days.
Renewal: Your transaction is due on the maturity
date. You may obtain another transaction once this one
is paid-in-full. However, if you cannot repay the total
amount due, then, if offered by the provider, you may
renew this transaction one more time upon payment of an
additional fee. If you cannot pay the total amount due
at that time, then, at the provider’s option, you may
extend your repayment into four equal monthly
installments at no additional cost.
Customer Agreement: You must be given a copy of
the provider’s Deferred Presentment Services Agreement.
You have the right to read the Agreement before you sign
it. You have he right to ask questions of the provider’s
staff until you thoroughly understand everything in the
Agreement. You also have the right to walk away from the
Agreement before you sign it.
Complaints: Easy Money is a licensed Deferred
Presentment provider in Alabama. To report any
unresolved problems with Easy Money, contact the STATE
BANKING DEPARTMENT, 401 Adams Ave.- Ste. 680,
Montgomery, Alabama. Telephone: 334/242- 3452.
Website:
www.bank.state.al.us
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