State License Search - Deferred Presentment Service Provider License

Deferred Presentment Service Provider License

The Office of Financial and Insurance Regulation issues deferred presentment service provider licenses to persons conducting transactions between themselves and a customer under which they agree to do all of the following:

(i) Pay to the customer an agreed-upon amount in exchange for a fee.

(ii) Hold a customer's check for a period of time before negotiation, redemption, or presentment of the checks.

A. NAME OF PERMIT OR APPROVAL:

Deferred Presentment Service Provider License

B. STATUTORY AUTHORITY:

Deferred Presentment Service Transactions Act, Public Act 244 of 2005, as amended, (MCL 487.2121 et seq).

C. APPLICABLE REGULATION:

Rules Administered by the Office of Financial and Insurance Regulation

Deferred Presentment Statewide Database, (R 487.2121 - 487.2123)

Consumer Finance Bulletins

Bulletin 2008-14-CF

D. SUMMARY OF PERMIT/APPROVAL PROCESS:

1. Applicability

Any person conducting the activity stated above. A deferred presentment service transaction does not include a delay in presentment of a loan repayment check, at the request of the borrower, by a person licensed or registered under the consumer financial services act, 1988 PA 161, MCL 487.2051 to 487.2072, the regulatory loan act, 1939 PA 21, MCL 493.1 to 493.24, the secondary mortgage loan act, 1981 PA 125, MCL 493.51 to 493.81, the motor vehicle sales finance act, 1950 (Ex Sess) PA 27, MCL 492.101 to 492.141, 1984 PA 379, MCL 493.101 to 493.114, the sale of checks act, 1960 PA 136, MCL 487.901 to 487.916, or the mortgage brokers, lenders, and servicers licensing act, 1987 PA 173, MCL 445.1651 to 445.1684.

2. Pre-Application Requirements

Individuals using their personal name on the application do not have pre-application requirements before submitting the application.
Individuals doing business under an assumed name must first file the assumed name with their local county clerk's office before submitting the application.
Legal entities (corporations, limited liability companies, limited partnerships, etc.) must have prior approval from the Michigan Corporation Division to conduct business in Michigan prior to submitting the application.

Deferred presentment service provider personnel must undergo training. Veritec will provide initial training of a limited number of representatives from each deferred presentment service provider on use and administration of the Database. Schedule training for your company with Veritec by calling 1-866-643-7701. Please ask to speak with DeAnn Russ about the next training session.