A bill to amend 2005 PA 244, entitled “Deferred presentment service transactions act,” by amending the title and sections 2, 11, 13, 15, 17, 19, 22, 31, 32, 33, 34, 35, 36, 45, 48, and 53 (MCL 487.2122, 487.2131, 487.2133, 487.2135, 487.2137, 487.2139, 487.2142, 487.2151, 487.2152, 487.2153, 487.2154, 487.2155, 487.2156, 487.2165, 487.2168, and 487.2173), section 2 as amended by 2016 PA 140 and section 35 as amended by 2016 PA 141, and by adding sections 24, 25, 31a, and 32a.
Expands Michigan's payday lending law to include small loans up to $2,000, imposes stricter consumer protections and ability-to-repay requirements, creates a fund for financial literacy programs, and enhances regulatory oversight and transparency in short-term lending.
Introduced
by
Referred to the Committee on Finance, Insurance, and Consumer Protection
