Financial institutions: payday lending; citations to the motor vehicle sales finance act in the deferred presentment service transactions act; revise. Amends sec. 2 of 2005 PA 244 (MCL 487.2122). TIE BAR WITH: HB 5354'23

This bill amends the Deferred Presentment Service Transactions Act in Michigan to clarify how the law interacts with the Motor Vehicle Sales Finance Act. Specifically, it revises the definition of a deferred presentment service transaction to explicitly exclude loans made by licensed motor vehicle sales finance companies, ensuring these two types of lending are treated as separate regulatory categories. The changes affect payday lenders and financial institutions by refining the legal boundaries of their operations and preventing confusion with existing vehicle loan regulations. No new fees or penalties are introduced; the bill focuses solely on aligning definitions within the state's financial licensing framework.