Revises internal references in Michigan's Deferred Presentment Services Transaction Act to align with money transmission services.
This bill amends the Deferred Presentment Services Transaction Act to update internal references related to money transmission services. It ensures consistency and alignment within the act by modifying definitions and references to reflect current legal frameworks. The changes affect financial institutions and customers involved in deferred presentment service transactions. The amendment takes effect on January 1, 2026, contingent on the enactment of House Bill No. 5544.
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