SB 0750
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: SB 0739'25
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Bill overview
This bill revises the Deferred Presentment Service Transactions Act to clarify the relationship between payday lending and the Motor Vehicle Sales Finance Act. Specifically, it aims to ensure that certain loan repayment transactions, currently handled under other financial licensing acts, are excluded from the definition of ‘deferred presentment service transactions’ within this act. This change is contingent upon the enactment of Senate Bill 739.
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