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Are licensees required to close a transaction when the check is deposited or ACH is submitted for payment?

Are licensees required to close a transaction when the check is deposited or ACH is submitted for payment?

No. Closed in connection with a deferred presentment service transaction is defined as “the check is deposited by the licensee and the licensee has evidence the person has satisfied the obligation”. Refer to Bulletin 2008-14-CF for specific information regarding closing transactions in the database