Bill > HB5546

This bill, amending the Deferred Presentment Service Transactions Act, primarily makes technical updates to internal references within the law, particularly concerning money transmission services. It clarifies definitions and ensures that existing references to various financial licensing acts are correctly updated, including those related to consumer financial services, regulatory loans, secondary mortgage loans, motor vehicle sales finance, and mortgage brokers, lenders, and servicers. The bill also updates the definition of a "deferred presentment service transaction" to require that a licensee agrees to *both* pay the customer an agreed amount in exchange for a fee *and* hold the customer's check for a period before its negotiation or presentment. Importantly, it specifies that certain financial institutions, including those licensed or registered under the money transmission services act and the money transmission modernization act, are exempt from the definition of a deferred presentment service transaction until June 30, 2026, for money transmission services. This bill is contingent on the enactment of House Bill No. 5544 and is set to take effect on January 1, 2026.