MI SB0750

Amends the Deferred Presentment Service Transactions Act (payday lending law) to update citation references to the Motor Vehicle Sales Finance Act from MCL 492.101-492.141 to MCL 492.101-492.137a

Makes minor technical corrections throughout, including changing "its" to "the licensee's," "his or her" to "the director's," and "agreed-upon" to "agreed on"

Reformats the list of excluded financial licensing acts from a single paragraph into separate lettered subsections for clarity

Clarifies that a "deferred presentment service transaction" involves a licensee agreeing to pay a customer an agreed amount in exchange for a fee and/or hold the customer's check before negotiation

Contingent on passage of Senate Bill 739 of the 103rd Legislature (tie bar provision)