2023 House Bill 5290

Financial institutions: payday lending; deferred presentment service transactions that charge service fees greater than an annual rate of 36%; prohibit.

A bill to amend 2005 PA 244, entitled “Deferred presentment service transactions act,” by amending section 33 (MCL 487.2153).

Official record

Introduced in the House

Nov. 1, 2023

Introduced by Rep. Abraham Aiyash (D-9) and 22 co-sponsors

Co-sponsored by Reps. Carol Glanville (D-84), Natalie Price (D-5), Stephanie Young (D-16), Cynthia Neeley (D-70), Jason Morgan (D-23), Kimberly Edwards (D-12), Amos O’Neal (D-94), Emily Dievendorf (D-77), Kara Hope (D-74), Veronica Paiz (D-11), Donavan McKinney (D-14), Denise Mentzer (D-61), Felicia Brabec (D-33), Lori Stone (D-13), Jimmie Wilson (D-32), Pat Outman (R-91), Sharon MacDonell (D-56), John Roth (R-104), Gina Johnsen (R-78), Dale Zorn (R-34), Alabas Farhat (D-3) and Karen Whitsett (D-4)

Referred to the Committee on Insurance and Financial Services