Michigan Senate Bill SB0750

Michigan 2025-2026 Regular Session

• Introduced: 12/16/25
• Refer: 12/16/25
• Report Pass: 4/23/26
• Refer: 4/23/26

Caption

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

Summary

SB 750 amends the Michigan Deferred Presentment Service Transactions Act, which governs payday lending and similar short-term check-holding transactions. The bill updates the statutory definition section in MCL 487.2122, including technical and conforming changes to the description of a “deferred presentment service transaction,” the definitions of key terms such as customer, drawer, licensee, maturity date, and redeem, and the list of financial laws under which certain delayed-presentment transactions are excluded from the act. A notable substantive change is the revision of the cross-reference to the motor vehicle sales finance act within the exclusion list, along with other cleanup to citations and wording. The bill is tied to SB 739, meaning it would not take effect unless that companion bill is enacted. In practical terms, the bill would affect licensed payday lenders, consumers using deferred presentment services, and the Department of Insurance and Financial Services, which oversees licensing and administration of the act.

Impact

The bill would amend a definitional section of the Deferred Presentment Service Transactions Act, changing how the law describes covered transactions and clarifying which delayed-presentment arrangements are not treated as deferred presentment service transactions. It would also update statutory references to other licensing and lending laws, including the motor vehicle sales finance act, and preserve the existing regulatory framework for licensed providers under Michigan law. Because the bill is tied to SB 739, its legal effect depends on enactment of that companion measure.

Sentiment

The available voting history suggests the bill was received favorably in committee, passing 5-3 and being reported favorably without amendment. There were no committee transcript excerpts provided, so the record shows procedural support but does not reveal detailed debate. Overall, the bill appears to be a technical or conforming update rather than a major policy overhaul, which is consistent with the favorable committee action.

Contention

The main point of potential contention is the bill’s connection to payday lending regulation, an area that can draw concern over consumer protection, short-term credit costs, and the scope of licensed lending practices. However, the text itself is largely definitional and conforming, so any disagreement likely centers on the broader payday lending framework and the companion legislation SB 739 rather than on the specific wording changes in SB 750. The 5-3 committee vote indicates some opposition, but no detailed objections are available in the provided materials.