2013 Senate Bill 664 / 2014 Public Act 362

Revise “debt management services” regulations

Introduced in the Senate

Nov. 6, 2013

Introduced by Sen. Mike Kowall (R-15)

To revise and update various definitions and prescribed procedures in a law that imposes licensure and regulations on “debt management services.” Among other things the bill would increase the maximum fee the state allows these businesses to charge customers.

Referred to the Committee on Banking and Financial Institutions

March 18, 2014

Reported without amendment

With the recommendation that the substitute (S-2) be adopted and that the bill then pass.

April 22, 2014

Substitute offered

The substitute passed by voice vote

April 23, 2014

Passed in the Senate 25 to 13 (details)

Received in the House

April 23, 2014

Referred to the Committee on Financial Services

May 21, 2014

Reported without amendment

With the recommendation that the substitute (H-1) be adopted and that the bill then pass.

Dec. 2, 2014

Passed in the House 103 to 6 (details)

To revise and update various definitions and prescribed procedures in a law that imposes licensure and regulations on “debt management services.” Among other things the bill would increase the maximum fee the state allows these businesses to charge customers.

Received in the Senate

Dec. 3, 2014

Dec. 4, 2014

Passed in the Senate 27 to 9 (details)

To concur with the House-passed version of the bill.

Signed by Gov. Rick Snyder

Dec. 16, 2014