Michigan HB6194: Financial institutions: mortgage brokers and lenders; consolidation of certain licensing statutes related to residential mortgages; make conforming changes in the deferred presentment service transaction act. Amends sec. 2 of 2005 PA 244 (MCL 487.2122). TIE BAR WITH: HB 6177'26

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 introduced text, July 3, 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

• Frisbie, Steve (R, 44) · primary sponsor
• Tisdel, Mark (R, 55)
• Alexander, Gregory (R, 98)
• Kuhn, Thomas (R, 57)

Latest actions

1. July 3, 2026: bill electronically reproduced 07/03/2026
2. July 3, 2026: referred to Committee on Finance
3. July 3, 2026: read a first time
4. July 3, 2026: introduced by Representative Rep. Steve Frisbie

Common questions

What is HB6194?

HB6194 is a bill in the Michigan Legislature (103rd Legislature): Financial institutions: mortgage brokers and lenders; consolidation of certain licensing statutes related to residential mortgages; make conforming changes in the deferred presentment service transaction act. Amends sec. 2 of 2005 PA 244 (MCL 487.2122). TIE BAR WITH: HB 6177'26.

What does HB6194 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 HB6194?

In committee as of July 3, 2026. Latest action: bill electronically reproduced 07/03/2026 (July 3, 2026).

Who sponsored HB6194?

Frisbie, Steve (R, 44), with 3 co-sponsors.

Where is the official record for HB6194?

On the Michigan Legislature website: https://www.legislature.mi.gov/Bills/Bill?ObjectName=2026-HB-6194