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). TIE BAR WITH: SB 0835'26

This bill amends Michigan's Deferred Presentment Service Transactions Act to update internal references related to money transmission services, specifically clarifying which financial institutions are excluded from certain transaction definitions. It directly affects payday lenders and financial institutions by revising the legal definitions of terms like "deferred presentment service transaction" and "money transmission services" within the existing regulatory framework. The key provision adds a temporary exemption through June 30, 2026, for certain licensed lenders from being classified under the money transmission services act, while also updating related terminology throughout the statute. The bill takes effect on January 1, 2026, but only becomes active if a companion bill, SB 0835, is also enacted into law.