Senate Bill 432 Summary

• Amends Michigan's Deferred Presentment Service Transactions Act to expand licensing requirements to transactions conducted through mail, telephone, internet, mobile device applications, and in-person methods, not just in-person transactions.

• Allows licensees under this act and the Small Loan Regulatory Act to operate both businesses at the same physical location under separate licenses.

• Modifies the statewide database requirements to allow the director to contract with a third-party provider and adds new database functions including tracking customer violations, monitoring repayment eligibility, and ensuring compliance with federal Office of Foreign Asset Control requirements.

• Adds new provisions allowing internet-based deferred presentment service transactions and requires licensees conducting transactions online to post required notices and fee schedules prominently on their websites.

• Changes references from "Office of Financial and Insurance Services" to "Department of Insurance and Financial Services" throughout the act.

• Requires the bill to take effect 90 days after enactment and is contingent upon Senate Bill 431 also being enacted into law.