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.

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.