A bill to amend 2005 PA 244, entitled “Deferred presentment service transactions act,” by amending section 2 (MCL 487.2122), as amended by 2016 PA 140.
House Bills 5544-5550 collectively modernize Michigan’s financial services regulatory framework by updating money transmission and consumer finance laws, strengthening licensing, net worth, bonding, and enforcement standards, adding fraud-related criminal provisions, and aligning statutes under a coordinated system effective January 1, 2026, contingent on related legislation.
Co-sponsored by Reps.
Referred to the Committee on Finance
Reported without amendment
Passed in the House 102 to 5 (details)
Motion to give immediate effect
by
The motion prevailed by voice vote
Referred to the Committee on Finance, Insurance, and Consumer Protection
