Financial institutions: mortgage brokers and lenders; consolidation of certain licensing statutes related to residential mortgages; make conforming changes in the deferred presentment service transaction act. Amends sec. 2 of 2005 PA 244 (MCL 487.2122). TIE BAR WITH: HB 6177'26

Also relevant to:Homeowner

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Plain-English Summary

This bill amends the Deferred Presentment Service Transactions Act to update definitions related to deferred presentment service transactions, also known as payday loans. It clarifies what constitutes a "closed" transaction and revises the definition of a "deferred presentment service transaction" itself. The bill also updates the list of other financial acts under which a delay in presentment of a loan repayment check is not considered a deferred presentment service transaction.

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Votes

Sponsorship · 4 Sponsors

Democrat0Republican4Independent0Other0

R · PrimeSteve Frisbie
R · CoMark Tisdel
R · CoGregory Alexander
R · CoTom Kuhn

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