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SB0830

Financial institutions: small loan companies; licensed providers of deferred presentment service transactions to make certain small loans; allow. Amends title & secs. 2, 11, 13, 15, 17, 19, 22, 31, 32, 33, 34, 35, 36, 45, 48 & 53 of 2005 PA 244 (MCL 487.2122 et seq.) & adds secs. 24, 25, 31a & 32a.

Introduced·3/10/26
Introduced Text

Michigan SB0830 amends regulations for deferred presentment service transactions and small loans, including licensing requirements, fees, and.

Michigan SB0830 amends the Michigan Financial Institutions Act to regulate the business of providing deferred presentment service transactions and small loans. It requires licensing for providers of these services, sets fees, and outlines consumer protections. The bill mandates that licensees post notices about transaction terms and customer rights. It also establishes a database for tracking transactions and loans, with provisions for data retention and security.

Included in complete analysis

  • Overview
  • Core Provisions
  • Implementation
  • Impact
  • Legal Framework
  • Critical Issues

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Where it stands

Current
Finance, Insurance, And Consumer Protection Committee
Next
Committee decision

Sponsors

D
1
0
Democratic CaucusRepublican Caucus

History

Mar 10

Senate

Introduced By Senator Sarah Anthony

Mar 10

Senate

Referred To Committee On Finance, Insurance, And Consumer Protection