Michigan Compiled Laws 244-2005-2 Article 2 (487.2131...487.2142)

• Section 487.2131 Business Of Providing Deferred Presentment Service Transactions; License Required; Scope Of Act; Application Process And Timeline; Bulletin, Order, Or Rule.
  (1) Subject to subsection (2), a person shall not engage in the business of providing deferred presentment service transactions after June 1, 2006 without...
• Section 487.2132 Licensure Requirements.
  To obtain a license, an applicant shall satisfy all of the following requirements: (a) Have and maintain net worth of at least $50,000.00 for...
• Section 487.2133 Application; Writing; Oath; Form; Information; Fee.
  (1) An applicant shall submit an application for a license to the commissioner. Each application for a license shall be in writing and under...
• Section 487.2134 License Fees; Disposition; Surety Bond.
  (1) A licensee shall pay a license fee, in an amount determined by the commissioner under subsection (2), within 60 days of submitting its...
• Section 487.2135 Issuance Of License Upon Investigation That Requirements Satisfied; Posting Copy Of License.
  (1) After the commissioner receives a completed license application, the commissioner shall investigate to determine whether the requirements of this act are satisfied. If...
• Section 487.2136 Denial Of Application Or Failure To Act Within Certain Time Period; Hearing.
  (1) If the commissioner determines that an applicant is not qualified to receive a license, the commissioner shall notify the applicant in writing that...
• Section 487.2137 License Not Transferable Or Assignable; Change In Control; Duties Of Licensee; Request For Information Or Documentation; "Control" Defined.
  (1) A license issued under this article is not transferable or assignable. (2) The prior written approval of the commissioner is required for the...
• Section 487.2138 Report Describing Certain Event.
  The commissioner may determine and identify by order or rule events that may occur to a licensee that require the licensee to file a...
• Section 487.2139 Expiration And Renewal Of License.
  (1) A license issued under this article shall expire on September 30 of each year unless earlier suspended, surrendered, or revoked under this act....
• Section 487.2140 Enforcement And Implementation Of Act; Issuance Of Orders And Rules; Correction Of Inaccurate Information; Duties Of Licensee If Database Not Operational; Examination Of Business, Books, And Records.
  (1) The commissioner may issue orders and rules that he or she considers necessary to enforce and implement this act. The commissioner shall make...
• Section 487.2141 Books, Accounts, And Records; Preservation.
  Each licensee shall keep and use in its business any books, accounts, and records the commissioner requires under this act. A licensee shall preserve...
• Section 487.2142 Development, Implementation, And Maintenance Of Database.
  (1) On or before December 31, 2006, the commissioner shall develop, implement, and maintain a statewide, common database that has real-time access through an...

Last modified: October 10, 2016