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MI HB5546
Bill
Status
2/19/2026
Primary Sponsor
Brenda Carter
Click for details
AI Summary
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Revises the Deferred Presentment Service Transactions Act to update internal references related to money transmission services licensing requirements.
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Adds the Money Transmission Modernization Act and specifies that the Money Transmission Services Act applies only through June 30, 2026 for exclusions from deferred presentment service transaction definitions.
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Makes technical language updates throughout, such as replacing "his or her" with "the director's" and "agreed-upon" with "agreed."
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Takes effect January 1, 2026, contingent on the enactment of House Bill No. 5544 (tie bar requirement).
Legislative Description
Financial institutions: payday lending; deferred presentment services transactions act; revise internal references related to money transmission services. Amends sec. 2 of 2005 PA 244 (MCL 487.2122). TIE BAR WITH: HB 5544'26
Financial institutions: money transmitters
Last Action
Bill Electronically Reproduced 02/19/2026
2/24/2026