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Bill > HB5364
MI HB5364
Financial institutions: payday lending; citations to the motor vehicle sales finance act in the deferred presentment service transactions act; revise. Amends sec. 2 of 2005 PA 244 (MCL 487.2122). TIE BAR WITH: HB 5354'23
summary
Introduced
11/14/2023
11/14/2023
In Committee
05/23/2024
05/23/2024
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
102nd Legislature
Bill Summary
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.
AI Summary
This bill amends the Deferred Presentment Service Transactions Act by revising the definition of "deferred presentment service transaction" and making other technical changes. Specifically, it clarifies that the act does not apply to certain transactions involving licensed or registered providers under various financial services laws, such as the Consumer Financial Services Act, Regulatory Loan Act, and Motor Vehicle Sales Finance Act. The bill also includes an enacting section that ties its effectiveness to the passage of another related bill (HB 5354).
Committee Categories
Business and Industry, Justice
Sponsors (2)
Last Action
Placed On Third Reading (on 12/13/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://legislature.mi.gov/doc.aspx?2023-HB-5364 |
| Fiscal Note/Analysis - House: Summary as Reported from Committee | https://legislature.mi.gov/documents/2023-2024/billanalysis/House/pdf/2023-HLA-5354-19673AFB.pdf |
| Fiscal Note/Analysis - House: Summary as Introduced | https://legislature.mi.gov/documents/2023-2024/billanalysis/House/pdf/2023-HLA-5354-C5F0835A.pdf |
| BillText | http://www.legislature.mi.gov/documents/2023-2024/billintroduced/House/htm/2023-HIB-5364.htm |
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