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Will your business be offering deferred presentment transactions (payday advance)? 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 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.
If you need further assistance regarding program applicability or program contact information, please refer to the Deferred Presentment Act License page.
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