On May 22, MCH LEG enacted bill re deferred presentment services.
MCH LEG enacted Bill HB 4343 to amend MCH FIN 487.2171 re regulating deferred presentment service transactions, addressing licensing, powers, penalties, remedies.
Bill Provisions
By Oct. 31, 2025 and every year until 2031, finance director will submit a report to the Senate and House on banking and financial issues, including transactions, complaints.
Will also include summary of deferred presentment service transaction fees received.
Also, statistics on transaction volumes, fees, averages, total customers and usage of repayment plans, licensee data (addresses from previous year, complaints received).
Legislative History
On Mar. 23, 2023, bill introduced in House; on May 9, 2024, bill was passed in House.
On Jun. 27, 2023, bill delivered to Senate; on Mar. 14, 2024, bill passed in Senate.
On May 15, 2024, bill delivered to governor; on May 22, 2024, bill signed by governor.
Effectiveness
Bill HB 4343 (Public Act 46) effective 90 days after adjournment, on Mar. 31, 2025.
Regulators
MCH LEG
Entity Types
Bank; MSB
Reference
Act 46, Bill HB4343, 5/22/2024; Citation: MCH FIN 487.2171;
