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Home State Regulations

Payday Loan Laws in Michigan

Loan Term:<31 days
Loan Amount:$600
Fees and Finance Charges:15% or the first $100; 14% of amounts $100-200 13% of amounts $200 - $300; 12% of $300-400 the fourth $100; 11% of amounts $400-$600 plus administrative fees
Laws: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.