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Michigan Cash Lenders
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.
Legal Status: Legal
Citation:
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
Regulator: Michigan Office of Financial and Insurance Services
Address: P.O. Box 30220 Lansing MI 48909
Phone: (877) 999-6442
Fax: (517) 335-4978
Regulatory Contact: ,
Regulator Website