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2019 House Bill 5097: Authorize small non-payday loans by payday lenders
Introduced by Rep. Brandt Iden R-Kalamazoo on October 10, 2019
To allow payday lenders to make “small loans” of up $2,500 for 90 days, subject to restrictions specified in the bill. These would be 90-day to one-year loans that are not secured by a future paycheck.   Official Text and Analysis.
Referred to the House Regulatory Reform Committee on October 10, 2019
Reported in the House on December 10, 2019
Refer to the Committee on Ways and Means with the recommendation that the substitute (H-3) be adopted.
Referred to the House Ways and Means Committee on December 10, 2019
Reported in the House on May 27, 2020
With the recommendation that the substitute (H-5) be adopted and that the bill then pass.
Amendment offered by Rep. William Sowerby D-St. Clair Shores on May 27, 2020
To tie-bar the bill to House Bill 4251, meaning this bill cannot become law unless that one does also. HB 4251 would cap the service fee that may be charged by a payday loan service at an annual percentage rate of 36 percent.
The amendment failed by voice vote in the House on May 27, 2020
Amendment offered by Rep. Sarah Anthony D-Lansing on May 27, 2020
To cap the annual percentage rate on payday loan "service fees" at 36 percent.
The amendment failed by voice vote in the House on May 27, 2020
Amendment offered by Rep. Frank Liberati D-Allen Park on May 27, 2020
To prescribe the factors that a payday loan service must consider in determining whether a borrower is financially capable of repaying a loan.
The amendment failed by voice vote in the House on May 27, 2020
Amendment offered by Rep. Cynthia Johnson D-Detroit on May 27, 2020
To revise details in the disclosure statement potential borrowers must sign giving details of past loans.
The amendment failed by voice vote in the House on May 27, 2020
Passed 58 to 49 in the House on May 27, 2020.
    See Who Voted "Yes" and Who Voted "No".
Received in the Senate on May 28, 2020
Reported to the Senate Regulatory Reform Committee on May 28, 2020