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: SB 0739'25

SB 750 amends Michigan's Deferred Presentment Service Transactions Act to clarify that certain motor vehicle financing transactions are excluded from payday lending regulations. Specifically, it adds the Motor Vehicle Sales Finance Act (MCL 492.101-492.141) to the list of laws whose transactions are not considered "deferred presentment service transactions." This means car dealerships using check-based financing under the Motor Vehicle Sales Finance Act will no longer fall under the same regulatory framework as traditional payday lenders. The bill directly affects car loan providers and their financing structures, not payday lenders or borrowers. The change aims to streamline regulatory oversight by explicitly separating car loan transactions from payday lending rules.