A bill to amend 2005 PA 244, entitled “Deferred presentment service transactions act,” by amending section 2 (MCL 487.2122), as amended by 2016 PA 140.
This bill provides detailed definitions for various terms related to deferred presentment service transactions, such as "applicant," "check," "closed" transactions, "commissioner," "customer," "database provider," "deferred presentment service transaction," "department," "director," "drawee," "drawer," "executive officer," "financial licensing act," "licensee," "maturity date," "office," "person," and "redeem." It outlines the conditions under which these transactions are considered closed and clarifies the roles and responsibilities of the involved parties. The bill is set to take effect on January 1, 2025, contingent upon the enactment of either Senate Bill No. ____ or House Bill No. 5798 of the 102nd Legislature. Additionally, it is tied to House Bill 5798'24, indicating a connection between the two pieces of legislation, particularly in their shared focus on revising internal references related to money transmission services within the context of financial institutions and payday lending.
Co-sponsored by Reps.
Referred to the Committee on Insurance and Financial Services
