LANSING, Mich., June 22, 2023 — The Michigan House passed House Bill 4343 today. The bill would require the Department of Insurance and Financial Services to submit an annual report on payday lending to the Legislature and post it on the department’s website. Predatory lenders impose unfair or abusive loan terms on borrowers, including high interest rates and narrow time windows for repayment. Many states already prohibit high-cost payday lending. The sponsor of the bill, state Rep. Jennifer Conlin (D-Ann Arbor Township), issued the following statement on the passage of the bill:
“I’m extremely pleased to see strong, bipartisan support for my legislation that would hold predatory payday lenders accountable. The annual study this legislation supports will ensure that the people of Michigan and the Legislature are apprised of the abuses these organizations perpetuate and can hold them accountable. I look forward to seeing this bill signed into law.”