MI HB5253

Changes the title of "commissioner" to "director" throughout the section regarding deferred presentment service transactions oversight.

Replaces the one-time reporting requirement dated July 31, 2007 with annual reporting requirements beginning January 31, 2021 and continuing through January 31, 2027 to the standing committees concerned with banking and financial services.

Requires reports to include the number of deferred presentment service providers, customers, transactions, and complaints filed against licensees during the preceding calendar year.

Mandates detailed reporting in three specific formats: (i) summary of program fees received by the department, (ii) statewide statistics on transaction volumes and customer usage, and (iii) statistics by zip code including provider locations and transaction data.

Requires the department to publish an annual report on its website beginning January 31, 2021 through January 31, 2027 containing licensee information, customer data, transactions, and complaints.