MI HB5800

Amends the Deferred Presentment Service Transactions Act to revise definition of "financial licensing act" to clarify reference to the Consumer Financial Services Act and related licensing laws.

Modifies the exclusion from "deferred presentment service transaction" to separately list entities licensed under consumer financial services, regulatory loan, secondary mortgage loan, motor vehicle sales finance, and mortgage broker licensing acts.

Adds temporary exclusion through June 30, 2025 for entities licensed under the money transmission services act, 2006 PA 250, and adds permanent exclusion for entities under the money transmission modernization act.

Changes grammatical language throughout including replacing "all" with "both" in transaction definition and updating pronouns from "his or her" to possessive forms ("the director's").

Takes effect January 1, 2025, contingent upon enactment of Senate Bill No. ____ or House Bill No. 5798 (tied legislation).