Home: Payday Loans: Florida
Payday Loans Information
A new law took effect on October 1, 2001. This law imposes regulation on the deferred presentment (payday loan) industry which provide payday loan cash in exchange for a person's check, and agree, for a fee, to hold that person's check for a period of time prior to redemption. The new law seeks to protect consumers by limiting the amount of fees that can be charged, the length of time a check can be held, and requiring certain documentation. The new law also will require that every firm offering payday advance transactions be registered with the Department of Banking and Finance.
Under the new law, payday loan providers may not conduct a transaction with anyone who has another payday loan agreement outstanding. Also, customers must wait 24 hours after paying off one transaction before entering into another agreement. Also, the transactions may not be rolled over for another period. Instead, the providers are required to provide a grace period of up to 60 days for those customers who cannot pay off their check at the end of the deferment period if the customer meets certain conditions. In order to qualify for the grace period, consumers must provide proof, within seven days, that they have made an appointment to undergo consumer credit counseling with a credit counseling agency appearing on the department's list and must attend the credit counseling within 60 days.
However, Quik is based in Utah state and is governed by Utah payday laws. When Florida residents take an online payday loan from Quik, it is govened by Utah laws. Read Quik's terms and conditions before applying for the loan.
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