Legal Status
Legal
Citation
Mich. Comp. Laws §§ 487.2121 et seq.
Loan Terms
Maximum Loan Amount: $600
Loan Term: No more than 31 days
Maximum Finance Rate and Fees: 15% of first $100, 14% of second $100, 13% of third $100, 12% of fourth $100, 11% of fifth $100, 11% of sixth $100 + $1.35 database verification fee under § 34(5)
Finance Charge for 14-day $100 Loan: $16.35
APR for 14-day $100 Loan: 426%
Debt Limits
Maximum Number of Outstanding Loans at One Time: A licensee may enter into 1 deferred presentment service transaction with a customer for any amount up to $600.00. MCLS § 487.2153(1). A licensee shall not enter into a deferred presentment service transaction with a customer if the customer has an open deferred presentment service transaction with the licensee or has more than 1 open deferred presentment service transaction with any other licensee.. MCLS § 487.2153(2)
Rollovers Permitted: None. MCLS § 487.2155(1).
Repayment Plan: Yes. MCLS § 487.2155(2),(3).
Collection Limits
Collection Fees: The initial maximum amount of a returned check charge described in subsection (2) is $25.00. MCLS § 487.2158(3).
Criminal Action: Prohibited