A bill to amend 2005 PA 244, entitled “Deferred presentment service transactions act,” by amending section 22 (MCL 487.2142).
The bill mandates the creation, implementation, and maintenance of a statewide, real-time database for deferred presentment service transactions by December 31, 2006. This database, which will be accessible via the internet to licensees and the director, is designed to prevent fraud and ensure compliance with federal and state regulations. The director has the option to operate the database directly or contract a third-party provider, who must follow strict guidelines and is subject to termination and legal action for any violations.
The database will track customer transactions, ensure compliance, and assess eligibility for repayment plans. It also requires the database provider to secure data handling, adhere to privacy laws, and provide timely updates on transaction statuses. The bill outlines confidentiality requirements, fee structures, and penalties for database misuse, and mandates data retention and deletion protocols. The director is tasked with investigating violations and enforcing the section, without the ability to delegate these responsibilities to third parties. The enactment of this bill is contingent upon the passage of Senate Bill No. 888.
Introduced
by
Referred to the Committee on Finance, Insurance, and Consumer Protection
