SB632 — 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).

SB632 — 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 CitizenryThis bill amends the Deferred Presentment Service Transactions Act to regulate the fees charged by licensees for transactions involving amounts up to $600.00. It specifies that service fees are not…Open in Informed Citizenry