A bill to amend 2005 PA 244, entitled “Deferred presentment service transactions act,” by amending section 33 (MCL 487.2153).
Caps the annual interest rate on payday loans at 36% annually
Co-sponsored by Sens.
Referred to the Committee on Finance, Insurance, and Consumer Protection
Reported without amendment
Referred to the Committee of the Whole
Reported without amendment
1. Amend page 5, line 12, by striking out the balance of the section and inserting:
“Enacting section 1. If less than 5,000 deferred presentment service transactions occur within 6 months after the enactment of this act, the change related to the annual percentage rate of 36% is repealed.
Enacting section 2. This amendatory act takes effect 90 days after the date it is enacted into law.”.
The amendment failed by voice vote
Passed in the Senate 24 to 13 (details)
Referred to the Committee on Insurance and Financial Services
