Bill > SB0750

This bill amends the Deferred Presentment Service Transactions Act by updating and clarifying several definitions related to payday lending and financial transactions. The bill modifies language around key terms such as "closed," "database provider," and "deferred presentment service transaction," making minor grammatical adjustments and providing more precise definitions. Notably, the bill expands the list of financial licensing acts that are excluded from the definition of a deferred presentment service transaction, adding references to various financial regulatory acts like the consumer financial services act, regulatory loan act, secondary mortgage loan act, motor vehicle sales finance act, and others. The changes appear to provide more clarity and specificity about what constitutes a payday lending transaction and how such transactions can be conducted. The bill is tied to another piece of legislation (Senate Bill 739) and will only take effect if that companion bill is also enacted into law. The modifications are primarily technical in nature, aiming to refine the legal language and ensure more precise regulatory oversight of financial service transactions.

Budget and Finance

https://legislature.mi.gov/Bills/Bill?ObjectName=2025-SB-0750