Bill Text: MI HB4343 | 2023-2024 | 102nd Legislature | Engrossed
Bill Title: Financial institutions: payday lending; legislative report requirement concerning deferred presentment service providers and transactions; revise. Amends sec. 51 of 2005 PA 244 (MCL 487.2171).
Spectrum: Strong Partisan Bill (Democrat 17-1)
Status: (Passed) 2024-05-22 - Assigned Pa 46'24 [HB4343 Detail]
Download: Michigan-2023-HB4343-Engrossed.html
SENATE Substitute For
HOUSE BILL NO. 4343
A bill to amend 2005 PA 244, entitled
"Deferred presentment service transactions act,"
by amending section 51 (MCL 487.2171).
the people of the state of michigan enact:
Sec. 51. (1) The commissioner director may promulgate rules under the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328, to enforce and administer this act.
(2) By July 31, 2007, the commissioner October 31, 2025, and by each October 31 thereafter through October 31, 2031, the director shall submit a report to the standing committees of the senate and house of representatives concerned with regulatory reform banking and financial services issues that includes the following information:
(a) The number of persons engaged in the business of providing deferred presentment service transactions in this state on the effective date of this act and the number on June 30, 2007.during the immediately preceding calendar year.
(b) A general report on the business of providing deferred presentment service transactions in this state as of June 30, 2007. during the immediately preceding calendar year. The report shall must include information about the number of licensees, the number of customers, and the number and amount of transactions, and any other financial information about deferred presentment service transactions in this state requested by the legislature or considered relevant by the commissioner.reported in the following format:
(i) A summary of the deferred presentment service transaction program fees received by the department.
(ii) Statewide statistics concerning transaction volumes by month, transaction amounts, fees, and averages, active license locations, the total number of customers, and drawer usage of repayment plans.
(iii) Statistics, reported by county or zip code, concerning provider locations, transaction volumes, total amount of advances, total fees for advances, average advance amounts, average advance fees, the total number of repeat drawers, and the total number of licensee locations.
(c) The name and street address of each licensee in this state during the immediately preceding calendar year.
(d) The number of complaints filed with the department against licensees and nonlicensees arising from transactions that took place in this state for the immediately preceding calendar year.
(e) Any additional information that the director considers relevant.
(3) Beginning October 31, 2025, and on October 31 of each year thereafter through October 31, 2031, the department shall publish on its website the report described in subsection (2).
