Financial institutions: payday lending; deferred presentment services transactions act; revise internal references related to money transmission services. Amends sec. 2 of 2005 PA 244 (MCL 487.2122). TIE BAR WITH: HB 5544'26

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Plain-English Summary

This bill amends the Deferred Presentment Service Transactions Act to update definitions related to these transactions, such as "closed" and "deferred presentment service transaction." It also expands the list of financial acts under which a delay in presentment of a loan repayment check is not considered a deferred presentment service transaction. The bill would take effect on January 1, 2026, if another specific House Bill is also passed into law.

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Votes

Sponsorship · 6 Sponsors

Democrat2Republican4Independent0Other0

D · PrimeBrenda Carter
R · CoMark Tisdel
R · CoSarah Lightner
R · CoDavid Martin
D · CoWill Snyder
R · CoBill Schuette

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