What are “Deferred Presentment Service Providers”?
A deferred presentment service provider, commonly known as a Payday Lender, is a person engaged in the service of accepting a check from a customer, and deferring presentation (“cashing”) of the check until a future agreed upon date for a fee. Deferred presentment service providers offer a service to individuals who find themselves short of funds between paychecks – convenient short-term access to cash that they cannot or choose not to get from other sources. The process is quite simple and increasingly popular throughout the state.
