Consumer protection: identity theft; references to identity theft protection act in deferred presentment service transactions act; revise. Amends sec. 22 of 2005 PA 244 (MCL 487.2142). TIE BAR WITH: SB 0360'25
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Progress
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- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill aims to establish a statewide database for deferred presentment service transactions to help prevent fraud and ensure licensee compliance. It requires the creation of a real-time, accessible database operated by the commissioner or a contracted third party, with specific provisions for data security, verification, and monitoring. The database will allow licensees to verify customer transactions, track violations, and determine eligibility for repayment, while also protecting customer privacy.
Key provisions
- Establishment of a statewide database for deferred presentment service transactions.
- Database operation by the commissioner or a contracted third party.
- Requirements for data security, including compliance with the Social Security Number Privacy Act and the Identity Theft Protection Act.
- Licensees can verify customer transactions and track compliance with federal regulations.
- Database must designate transactions as closed within a specified timeframe.
- Licensees must report open transactions to the database provider.
- Database provider must respond to inquiries regarding eligibility for new transactions.
- Retention and deletion of data in the database are governed by rules established by the commissioner director.
Who is affected
- Deferred presentment service licensees
- Customers of deferred presentment services
- The Michigan Department of the Treasury (through the commissioner director)
Bill text
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