Fla. Admin. Code Ann. R. 69V-560.801 - Verification Fee

(1) In addition to the fees established in section 560.309(8), F.S., a check casher or deferred presentment provider may collect the direct costs associated with verifying a payment instrument holder's identity, residence, employment, credit history, account status, or other necessary information, including the verification of a drawer's status on the Office administered database for deferred presentment transactions prior to cashing the payment instrument or accepting a personal check in connection with a deferred presentment transaction. Such verification fee shall be collected only when verification is conducted and shall not exceed $5.00 per transaction. For example, a check casher shall not charge a drawer more than one (1) verification fee per diem, regardless of whether the check casher is cashing or has cashed more than one (1) of the drawer's payment instruments that day.

(2) For purposes of section 560.309(8), F.S., and this rule, the "direct costs of verification" shall mean those costs that are allocated by the provider to a particular function or are readily ascertainable based upon standard commercial practices and include internal staff and infrastructure costs incurred by the provider in performing the verification function and payments to third party vendors who provide verification related services.

Notes

Fla. Admin. Code Ann. R. 69V-560.801

Rulemaking Authority 560.105, 560.404(23) FS. Law Implemented 560.309, 560.404(6) FS.

New 9-24-97, Amended 12-17-01, Formerly 3C-560.801, 1-13-09.

New 9-24-97, Amended 12-17-01, Formerly 3C-560.801, Amended 1-13-09.