The web Browser you are currently using is unsupported, and some features of this site may not work as intended. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer.
If a customer pays a transaction in full and it is closed in Veritec, is the licensee required to void the paid transaction and refund the payment to the customer, if they request a written repayment plan within 30 days of the transaction maturity date?
No. A customer would only be able to elect a repayment plan in a situation where he or she failed to redeem a check and the check is not honored. If the customer presents payment on or before the maturity due date fulfilling his/her obligation to the licensee and the deferred presentment transaction, then the transaction cannot be reopened or a repayment plan entered into with the customer.