The bill amends the Deferred Presentment Service Transactions Act, specifically section 2, to clarify definitions and processes related to deferred presentment service transactions in Michigan. Key definitions are updated, including the terms "check," "closed," "customer," and "licensee." Notably, the language surrounding the collection of checks has been revised to specify that checks can be collected by the licensee or the licensee's agent, and the term "its" has been replaced with "the licensee's" for clarity. Additionally, the bill introduces a more detailed framework for what constitutes a deferred presentment service transaction, emphasizing the obligations of both the licensee and the customer.

Furthermore, the bill outlines that a deferred presentment service transaction does not include certain loan repayment checks and specifies the acts under which these exceptions apply. The amendments also include a provision that the act will take effect on January 1, 2026, contingent upon the enactment of Senate Bill No. 835. Overall, the bill aims to enhance the regulatory framework governing deferred presentment services, ensuring clearer definitions and processes for both service providers and consumers.

Statutes affected:
Senate Introduced Bill: 487.2122