Bill > SB0837

This bill amends the Deferred Presentment Service Transactions Act to update internal references and clarify definitions. Specifically, it revises the definition of a "deferred presentment service transaction" to require a licensee to do *both* pay an agreed amount in exchange for a fee and hold a customer's check before negotiating it, and it updates the definition of "financial licensing act" to include a reference to the consumer financial services act. Additionally, the bill clarifies that a deferred presentment service transaction does not include delays in presentment of loan repayment checks by entities licensed or registered under several other financial acts, including the consumer financial services act, the regulatory loan act, the secondary mortgage loan act, the motor vehicle sales finance act, and others, with a specific provision for money transmission services that extends through June 30, 2026, and also includes the money transmission modernization act. These changes aim to streamline and clarify regulations within the financial services sector, particularly concerning short-term lending and money transmission.