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What is the Deferred Presentment Service Transactions Act?

April 26, 2017ACT Deferred Presentment service transactions

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What is the Deferred Presentment Service Transactions Act?

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2005 PA 244 creates a new act entitled the Deferred Presentment Service Transactions Act (DPSTA), to provide a regulatory framework for the deferment of the presentment (depositing) of checks by deferred presentment providers (Industry also calls these providers ‘payday lenders’).