Michigan HB5546: 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: HB 5544'26

What the bill says

To amend 2005 PA 244, entitled "Deferred presentment service transactions act," by amending section 2 (MCL 487.2122), as amended by 2016 PA 140.

From the engrossed text, June 25, 2026:

A bill to amend 2005 PA 244, entitled "Deferred presentment service transactions act," by amending section 2 (MCL 487.2122), as amended by 2016 PA 140. the people of the state of michigan enact: Sec. 2. (1) As used in this act: (a) "Applicant" means a person that is seeking a license to engage in the business of providing deferred presentment service transactions under this act. (b) "Check" means a draft that is payable on demand and drawn on a bank, savings bank, savings and loan association, or credit union. Check includes any negotiable instrument that represents evidence of an obligation to pay even if it is described on its face by another term. (c) "Closed" in connection with a deferred presentment service transaction means that 1 of the following has occurred concerning each of the customer's checks that is the basis of the deferred presentment service transaction: (i) The check is redeemed by the customer by payment to the licensee of the face amount of the check in cash or payment from a debit card that meets the requirements of section 35(11). (ii) The check is exchanged by the licensee for a cashier's check or cash from the customer's financial institution. (iii) The check is deposited by the licensee and the licensee has evidence that the person has satisfied the …

Read the full official text

Sponsors

• Carter, Brenda (D, 53) · primary sponsor
• Tisdel, Mark (R, 55)
• Lightner, Sarah (R, 45)
• Martin, David (R, 68)
• Snyder, Will (D, 87)
• Schuette, Bill (R, 95)

Latest actions

1. July 1, 2026: REFERRED TO COMMITTEE ON FINANCE, INSURANCE, AND CONSUMER PROTECTION
2. July 1, 2026: PASSED BY HOUSE WITH IMMEDIATE EFFECT
3. June 25, 2026: transmitted
4. June 25, 2026: passed; given immediate effect Roll Call #265 Yeas 102 Nays 5 Excused 0 Not Voting 3
5. June 25, 2026: read a third time
6. June 23, 2026: placed on third reading
7. June 23, 2026: read a second time
8. March 17, 2026: referred to second reading
9. March 17, 2026: reported with recommendation without amendment
10. February 19, 2026: bill electronically reproduced 02/19/2026

Votes

• passed; given immediate effect (June 25, 2026): 102 yea, 5 nay, passed
• Reported With Recommendation Without Amendment (March 17, 2026): 9 yea, 0 nay, passed

Common questions

What is HB5546?

HB5546 is a bill in the Michigan Legislature (103rd Legislature): 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: HB 5544'26.

What does HB5546 do?

In its own words: To amend 2005 PA 244, entitled "Deferred presentment service transactions act," by amending section 2 (MCL 487.2122), as amended by 2016 PA 140.

What is the status of HB5546?

In committee as of July 1, 2026. Latest action: REFERRED TO COMMITTEE ON FINANCE, INSURANCE, AND CONSUMER PROTECTION (July 1, 2026).

Who sponsored HB5546?

Carter, Brenda (D, 53), with 5 co-sponsors.

Where is the official record for HB5546?

On the Michigan Legislature website: https://www.legislature.mi.gov/Bills/Bill?ObjectName=2026-HB-5546