Michigan SB 632: 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).

Status: referred to Committee on Insurance and Financial Services (as of 2024-03-14)

State: Michigan · Session: 2023-2024 · Bill: SB 632

Subjects: Consumer credit: interest rates, Financial institutions: payday lending, State agencies (existing): insurance and financial services

Sponsors: Sarah Anthony, Edward W. McBroom, Erika Geiss, Jeff Irwin, John Damoose, Mallory McMorrow, Rosemary Bayer, Stephanie Chang, Sue Shink, Veronica Klinefelt

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