HB5290 — Financial institutions: payday lending; deferred presentment service transactions that charge service fees greater than an annual rate of 36%; prohibit. Amends sec. 33 of 2005 PA 244 (MCL 487.2153).

HB5290 — Financial institutions: payday lending; deferred presentment service transactions that charge service fees greater than an annual rate of 36%; prohibit. Amends sec. 33 of 2005 PA 244 (MCL 487.2153). · Informed CitizenryHB5290 amends the Deferred Presentment Service Transactions Act to regulate how licensees handle transactions for amounts up to $600.00. The bill specifies that licensees may charge service fees, w…Open in Informed Citizenry