MI HB6215

Caps service fees on deferred presentment service transactions (payday loans) at an annual percentage rate of 36%, eliminating the previous tiered fee structure based on loan amount.

Requires licensees to determine and document that customers have a reasonable ability to repay loans, including verification of income, expenses, and credit history, with a maximum debt-to-income ratio of 41%.

Prohibits licensees from entering into transactions with customers who have more than one open deferred presentment service transaction with any licensee and requires verification of existing transactions.

Establishes a dispute resolution process allowing customers to notify licensees of alleged violations before business closure on the transaction date or in writing before signing a new agreement, with licensees required to respond within 3 business days.

Declares deferred presentment service transactions that violate the act void and uncollectible, and takes effect 90 days after enactment.