Thursday, April 30, 2009

Michigan Free No Fax Payday Loans

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Warren Flint Sterling Heights Lansing Ann Arbor

Livonia Dearborn Westland get instant approval for a free

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Click here for additional info concerning easy online payday

loan cash advances in Michigan and other states.

Michigan laws concerning online cash advances may change

periodically in the regulation of payday loans.

Michigan Payday loan laws. Michigan Payday loan legislation.

Michigan Payday loan laws. Michigan Payday loan legislation.

Michigan does have specific, enabling payday loan legislation in

place. M.C.L.A. 487.2121 et seq.

15% on 1st $100. 14% on 2nd $100; 13% on 3rd $100; 12% on 4th

$100; 11% on 5th and 6th $100.
The maximum permitted term is 31 days.
The maximum amount of the advance is $600.
Payday loan rollovers are not permitted.
There is no mandated cooling off period.
Regarding extended repayment options, customers are elegible for

a plan if unable to pay 8th loan with any licensee in any 12

month period; lender must advise borrower of repayment option

when it is available.
A Michigan industry-wide data base is mandated.

For a thorough discussion of the Michigan payday loan industry

including sample contracts, fee structures, disclosure forms,

the state data base and access to our payday loan training

materials, we recommend you proceed to

Contact: OFIS (toll-free) 1-877-999-6442

Administrative action and fines to be imposed for unlicensed

payday lenders

OFIS Commissioner Linda A. Watters today announced she is

cracking down on companies that are conducting unlicensed

deferred presentment transactions. Deferred presentment

providers, commonly known as payday lenders, who are operating

without licenses will face administrative action and fines by

the Office of Financial Services (OFIS).

Currently OFIS regulates payday lenders under the Deferred

Presentment Service Transactions Act signed into law by Governor

Jennifer Granholm in 2005. The law requires that deferred

presentment providers be licensed at each location where they

are conducting business. All Michigan deferred presentment

providers were required to be licensed by June 1, 2006.

“While the majority of deferred presentment providers have

complied with the law, we are aware of some payday lenders who

are operating illegally,” Watters said. “This law was put into

place to protect consumers, and we intend to deal with all

offenders to the full extent of the law.”

To date, OFIS has issued licenses to 780 locations. Access to

licensee information may be found at under

“Who We Regulate”.

Operating without a deferred presentment license is a violation

of the law and violators are subject to a civil fine of not less

than $1,000.00 or more than $10,000.00 for each violation.

However, if the Commissioner finds that a person has violated

this act and that the person knew or reasonably should have

known that he or she was in violation, the Commissioner may

order the person to pay a civil fine of not less than $5,000 or

more than $50,000 for each violation. The Commissioner may also

order the person to pay the costs of the investigation.

OFIS is reviewing and investigating complaints, advertisements,

and web sites in determining unlicensed deferred presentment

activity. Companies found not in compliance with the licensing

requirements will be dealt with to the full extent of the law,

taking into consideration its cooperation with OFIS, how long

the company has operated without a license, the number of

deferred presentment transactions conducted, willfulness and

intention of operating without a license, and in what capacity

the company is in compliance with the law other than operating

without the requisite license.

The law prescribes the conduct of deferred presentment service

providers in a number of ways, including specific fee maximums

for each loan on a reverse sliding scale; limiting the number of

loans that a consumer can have at one time; imposing a maximum

transaction amount of $600; providing a method for customers to

seek restitution in case of a violation; and giving consumers

the ability to voluntarily enter into a payment plan.

Companies that intend to conduct deferred presentment

activities need to apply to the Commissioner and receive the

appropriate license prior to conducting deferred presentment


Mich. Comp. Laws 487.2121 et seq.

Loan Terms:
Maximum Loan Amount: $600
Loan Term: Max: 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 + any database verification fee
Finance Charge for 14-day $100 loan: $15
APR for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One with

licensee or more than one with any other licensee
Rollovers Permitted: None (cannot renew; lender may extend only

if it does not charge a fee)
Cooling-off Period:
Repayment Plan: Yes

Collection Limits:
Collection Fees: One $25 returned check charge
Criminal Action: Prohibited

Michigan Payday loans - Detroit Grand Rapids Warren Flint

Sterling Heights Lansing Ann Arbor Livonia Dearborn