2023 House Bill 5290

Financial institutions: payday lending; deferred presentment service transactions that charge service fees greater than an annual rate of 36%; prohibit.

A bill to amend 2005 PA 244, entitled “Deferred presentment service transactions act,” by amending section 33 (MCL 487.2153).

Official record

Mackinac Center Analysis

Caps the annual interest for a payday loan at 36% annually.

Introduced in the House

Nov. 1, 2023

Introduced by Rep. Abraham Aiyash (D-9) and 22 co-sponsors

Co-sponsored by Reps. Carol Glanville (D-84), Natalie Price (D-5), Stephanie Young (D-16), Cynthia Neeley (D-70), Jason Morgan (D-23), Kimberly Edwards (D-12), Amos O’Neal (D-94), Emily Dievendorf (D-77), Kara Hope (D-74), Veronica Paiz (D-11), Donavan McKinney (D-14), Denise Mentzer (D-61), Felicia Brabec (D-33), Lori Stone (D-13), Jimmie Wilson (D-32), Pat Outman (R-91), Sharon MacDonell (D-56), John Roth (R-104), Gina Johnsen (R-78), Dale Zorn (R-34), Alabas Farhat (D-3) and Karen Whitsett (D-4)

Referred to the Committee on Insurance and Financial Services