MI HB4343

Amends 2005 PA 244 to add annual reporting requirements for the director regarding deferred presentment service transactions (payday lending).

Director must submit reports to banking and financial services committees by October 31 each year from 2025 through 2031 containing licensee numbers, customer counts, transaction volumes, and complaint data.

Reports must include statewide statistics on transaction volumes by month, amounts, fees, averages, active license locations, and repayment plan usage.

Reports must provide county or zip code breakdowns of provider locations, transaction volumes, advance amounts, fees, repeat customers, and licensee locations.

Director must publish all reports on the department website beginning October 31, 2025, and continuing annually through October 31, 2031.