Financial institutions: payday lending; deferred presentment services transactions act; revise internal references related to money transmission services. Amends sec. 2 of 2005 PA 244 (MCL 487.2122).

HB 5800 amends the Deferred Presentment Service Transactions Act to update internal references regarding money transmission services within Michigan's financial regulations. The bill specifically revises the definition of "deferred presentment service transaction" to clarify that it does not include delays in loan repayment checks issued by lenders already licensed under other state laws, such as those regulating consumer finance or motor vehicle sales. This change ensures that payday lenders and other financial institutions providing check-cashing services operate under a consistent regulatory framework that distinguishes their activities from those of licensed loan providers. The legislation is set to take effect on January 1, 2025, provided a related companion bill is also enacted.