Bill Text: MI HB5389 | 2017-2018 | 99th Legislature | Introduced

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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: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2018-01-11 - Bill Electronically Reproduced 01/10/2018 [HB5389 Detail]

Download: Michigan-2017-HB5389-Introduced.html

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HOUSE BILL No. 5389

 

 

January 10, 2018, Introduced by Reps. Gay-Dagnogo, Wittenberg, Chang, Elder, Chirkun, Yancey, LaGrand, Green, Neeley, Peterson, Garrett, Robinson, Geiss, VanSingel and Barrett and referred to the Committee on Financial Services.

 

     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 Within 90 days after

 

the effective date of the amendatory act that added subdivision

 

(c), 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.November

 

28, 2005, the number on June 30, 2007, and the number on the

 

effective date of the amendatory act that added subdivision (c).

 

     (b) A general report on the business of providing deferred

 

presentment service transactions in this state as of June 30, 2007.

 

the effective date of the amendatory act that added subdivision

 

(c). The report shall include the number of licensees, the number

 

of customers, 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.director.

 

     (c) The number of complaints filed with the department against

 

licensees in the period from November 28, 2005, to the effective

 

date of the amendatory act that added this subdivision.

 

     Enacting section 1. This amendatory act takes effect 90 days

 

after the date it is enacted into law.