An act to amend 2005 PA 244, entitled “An act to regulate the business of providing deferred presentment service transactions; to require the licensing of providers of deferred presentment service transactions; to prescribe powers and duties of certain state agencies and officials; and to prescribe penalties and provide remedies,” by amending section 51 (MCL 487.2171).
House Bill 4343 would amend the Deferred Presentment Service Transactions Act to require the director of the Department of Insurance and Financial Services (DIFS) to submit, each year for seven years, a report on deferred presentment service transactions (commonly known as payday loans) to the House and Senate committees concerned with banking and financial services. DIFS would also have to post the report on its website.
Co-sponsored by Reps.
Referred to the Committee on Insurance and Financial Services
Reported with substitute H-1
Substitute H-1 concurred in by voice vote
Substitute H-2 offered
by
The substitute passed by voice vote
Passed in the House 97 to 12 (details)
Motion to give immediate effect
by
The motion prevailed by voice vote
Referred to the Committee on Finance, Insurance, and Consumer Protection
Reported with substitute S-1
Referred to the Committee of the Whole
Reported with substitute S-1
Substitute S-1 concurred in by voice vote
Substitute S-2 offered
by
The substitute passed by voice vote
Passed in the Senate 38 to 0 (details)
Substitute S-2 concurred in 96 to 11 (details)
