MI SB0632 | 2023-2024 | 102nd Legislature
Status
Spectrum: Moderate Partisan Bill (Democrat 8-2)
Status: Engrossed on March 14 2024 - 50% progression
Action: 2024-03-14 - Referred To Committee On Insurance And Financial Services
Pending: House Insurance And Financial Services Committee
Text: Latest bill text (Engrossed) [HTML]
Status: Engrossed on March 14 2024 - 50% progression
Action: 2024-03-14 - Referred To Committee On Insurance And Financial Services
Pending: House Insurance And Financial Services Committee
Text: Latest bill text (Engrossed) [HTML]
Summary
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).
Title
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).
Sponsors
Roll Calls
2024-03-14 - Senate - Senate Third Reading: Passed Roll Call # 58 (Y: 24 N: 13 NV: 1 Abs: 0) [PASS]
2024-03-07 - Senate - Reported Favorably Without Amendment (Y: 6 N: 1 NV: 0 Abs: 0) [PASS]
2024-03-07 - Senate - Reported Favorably Without Amendment (Y: 6 N: 1 NV: 0 Abs: 0) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2024-03-14 | House | Referred To Committee On Insurance And Financial Services |
| 2024-03-14 | House | Read A First Time |
| 2024-03-14 | House | Received On 03/14/2024 |
| 2024-03-14 | Senate | Passed Roll Call # 58 Yeas 24 Nays 13 Excused 0 Not Voting 1 |
| 2024-03-14 | Senate | Amendment(s) Defeated |
| 2024-03-13 | Senate | Placed On Order Of Third Reading |
| 2024-03-13 | Senate | Reported By Committee Of The Whole Favorably Without Amendment(s) |
| 2024-03-07 | Senate | Referred To Committee Of The Whole |
| 2024-03-07 | Senate | Reported Favorably Without Amendment |
| 2023-11-01 | Senate | Referred To Committee On Finance, Insurance, And Consumer Protection |
| 2023-11-01 | Senate | Introduced By Senator Sarah Anthony |
Subjects
Consumer credit: interest rates
Financial institutions: payday lending
State agencies (existing): insurance and financial services
Financial institutions: payday lending
State agencies (existing): insurance and financial services
