MI HB5364

Amends the definition of "deferred presentment service transaction" in the Deferred Presentment Service Transactions Act to exclude delays in loan repayment check presentment by entities licensed under seven specified financial licensing acts.

Updates the list of excluded financial institutions to include entities licensed under the Consumer Financial Services Act, Regulatory Loan Act, Secondary Mortgage Loan Act, Motor Vehicle Sales Finance Act, 1984 PA 379, Money Transmission Services Act, and Mortgage Brokers, Lenders, and Servicers Licensing Act.

Corrects citations to the Motor Vehicle Sales Finance Act by updating the reference from MCL 492.101 to 492.141 to MCL 492.101 to 492.137a.

Makes grammatical and stylistic revisions including changing "agreed-upon" to "agreed," "his or her" to "the director's," and restructuring punctuation in the list of financial licensing acts.

Takes effect only upon enactment of Senate Bill No. ____ or House Bill No. 5354 (a tie-bar provision linking this bill's effectiveness to companion legislation).