Michigan Compiled Laws 244-2005-3 Article 3 (487.2151...487.2160)

• Section 487.2151 Notice; Posting; Form.
  (1) A licensee shall post prominently in an area designed to be seen by the customer before he or she enters into a deferred...
• Section 487.2152 Written Deferred Presentment Service Agreement; Signatures; Provisions; Arbitration.
  (1) A licensee shall document a deferred presentment service transaction by entering into a written deferred presentment service agreement signed by both the customer...
• Section 487.2153 Transaction; Limitation On Amount; Service Fee; Conditions Prohibiting Entering Transaction; Duties Of Licensee; Prohibited Conduct; Sign.
  (1) A licensee may enter into 1 deferred presentment service transaction with a customer for any amount up to $600.00. A licensee may charge...
• Section 487.2154 Customer Eligibility; Verification; Use Of Database; Fee; Submission Of Information To Database; Closure Of Transaction.
  (1) A licensee shall verify a customer's eligibility to enter into a deferred presentment service transaction by doing 1 of the following, as applicable:...
• Section 487.2155 Renewal Or Extension Of Agreement; Repayment Option; Conditions; Terms; Notice; Satisfaction Of Drawer's Obligation.
  (1) A licensee shall not renew a deferred presentment service agreement. A licensee may extend a deferred presentment service agreement only if the licensee...
• Section 487.2156 Violation Of Act.
  (1) No later than the close of business on the day he or she signed a deferred presentment service agreement, a drawer who believes...
• Section 487.2157 Rescission Of Agreement; Redemption Of Check By Drawer.
  (1) A drawer may rescind a deferred presentment service agreement without cost to the drawer and for any reason if the drawer, not later...
• Section 487.2158 Endorsement Of Check; Returned Check Charge; Liability For Dishonored Check.
  (1) A licensee shall endorse a check given to it by a drawer with the actual name under which the licensee is doing business...
• Section 487.2159 Agreements; Maintenance; Availability For Examination; Rejected Applications.
  (1) A licensee shall maintain each deferred presentment service agreement until the expiration of 3 years after the date the deferred presentment service agreement...
• Section 487.2160 Prohibited Conduct.
  A licensee shall not do any of the following: (a) Enter into a tying arrangement through which the licensee conditions the sale of 1...

Last modified: October 10, 2016