MI SB0607

Amends 2005 PA 244 to revise definitions in the deferred presentment service transactions act regulating payday lending in Michigan

Defines "deferred presentment service transaction" as an agreement where a licensee pays a customer an amount in exchange for a fee and holds the customer's check before presentment

Specifies that a transaction is "closed" when the check is redeemed by payment, exchanged for cash/cashier's check, deposited with evidence of satisfaction, collected through civil remedies, or satisfied through a repayment plan or credit counseling

Exempts from the act delays in presentment of loan repayment checks requested by borrowers from persons licensed under consumer financial services, regulatory loan, mortgage, motor vehicle finance, money transmission, or mortgage broker licensing acts

Takes effect 90 days after enactment, contingent on Senate Bill 719 being enacted into law; effective date is August 24, 2016