2015 Senate Bill 607 / 2016 Public Act 140

Revise payday lenders repayment details

Introduced in the Senate

Nov. 5, 2015

Introduced by Sen. Darwin Booher (R-35)

To allow payday lenders to accept debit cards or telephone bank transactions to "redeem" a loan.

Referred to the Committee on Banking and Financial Institutions

Jan. 27, 2016

Reported without amendment

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

Feb. 4, 2016

Passed in the Senate 37 to 0 (details)

Received in the House

Feb. 9, 2016

Referred to the Committee on Financial Services

In the Senate

March 2, 2016

Reported without amendment

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

In the House

May 12, 2016

Passed in the House 107 to 1 (details)

To allow payday lenders to accept debit cards or telephone bank transactions to "redeem" a loan.

Received in the Senate

May 17, 2016

Passed in the Senate 37 to 0 (details)

Signed by Gov. Rick Snyder

May 25, 2016