MI SB0632

Replaces the tiered percentage-based service fee structure (15% down to 11% depending on loan amount) with a flat annual percentage rate cap of 36% for deferred presentment service transactions.

Maintains the $600 maximum transaction limit and allows licensees to charge a service fee plus database verification fees as permitted under the act.

Changes references from "Office of Financial and Insurance Services" to "Department of Insurance and Financial Services" in consumer notice requirements.

Adds new provision making any deferred presentment service transaction that violates this section void and uncollectible as to any principal, fee, or charge.

Takes effect 90 days after enactment into law.