Financial institutions: payday lending; deferred presentment services transactions act; revise internal references related to money transmission services. Amends sec. 2 of 2005 PA 244 (MCL 487.2122). TIE BAR WITH: SB 0835'26

Summary

The bill revises the definitions in the Deferred Presentment Service Transactions Act, clarifying terms like applicant, licensee, and “closed” transactions. It also lists which existing loan and money‑transfer services are excluded from the act’s scope. The changes only become effective on Jan. 1, 2026 and only if Senate Bill 835 is enacted.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

Topics

Share