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10. if you are unable to pay your deferred presentment service transaction and have entered into eight deferred presentment service transactions with any licensee in any 12-month period, state law entitles you to request a repayment of that transaction in installments. we are required to advise you of this option at the time it is available. if you elect this option, you must notify us, either orally or in writing, within 30 days after the maturity date of the deferred presentment transaction. the notice must be provided to us at our place of business. you may be charged an additional fee when the transaction is rescheduled in installments. you will be ineligible to enter into a deferred presentment service transaction with any licensee during the term of the repayment plan. if we refuse to provide this option under the stipulations above, you should contact the department of insurance and financial services toll-free at 1-877-999-6442.The state maintains an electronic database that payday lenders must check to see if a customer has any outstanding transactions. to process a payday loan request, the payday lender will ask for the customer's name, address, social security number, driver's license or other state-issued i.d. number, amount of the loan sought, the number on the check that will be used to cover the payday loan, and the date of the requested payday loan. the payday lender must then check the state database to make sure a customer does not have more than one outstanding payday loan. if the customer has more than one outstanding payday loan, the payday lender cannot issue another one.A customer has only up to the end of the contract period to repay the loan amount and any applicable fees. a contract period may never last more than 31 days. if the payday loan and applicable fees are not paid on time, the payday lender can deposit the customer's check. if there are insufficient funds to cover the check, the customer will be responsible for paying the face amount of the check, fees to their financial institution associated with a non-sufficient funds check, and the payday lender's returned check fee of up to . the payday lender may also take collection action against the customer.However, if a customer has entered into at least eight payday loans with any payday lender in any 12-month period, and the customer is unable to timely pay the current payday loan, after notifying the payday lender, the customer may enter into a written repayment plan with the payday lender. under such a plan, the customer would repay the transaction in three equal installments, with one installment due on each of the next three dates that the customer receives regular wages. in this case, the payday lender may charge for entering into the plan.
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Home state regulations payday loan laws in michiganloan term:loan amount:0fees and finance charges:15% or the first 0; 14% of amounts 0-200 13% of amounts 0 - 0; 12% of 0-400 the fourth 0; 11% of amounts 0-0 plus administrative feeslaws:the legality of payday lending services has recently been given a new treatment by the deferred presentment service transactions act (h.b. 4834.). this law stipulates that lending services operating out of michigan must limit their loans to a maximum of 600 every 31 days. lending companies are also not allowed to charge interest rates of 15%. only one loan can be taken out at a time. also of importance is the fact that all loan services in michigan must be fully licensed in order to do business. this law has actually lead delegates in michigan to require the licensing of each lending service in the state. every lending institution, and every debtor, must thus be registered in the database maintained by the office of financial and insurances services. this system functions by means of checks and balances; lenders are able to research the compliance of borrowers, and borrowers can formally complain about lenders.
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