Michigan Laws > Chapter 487 > Act 244 of 2005 > Article 1
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| § 487.2121 | Short title |
| § 487.2122 | Definitions |
Terms Used In Michigan Laws > Chapter 487 > Act 244 of 2005 > Article 1
- Check: means a draft that is payable on demand and drawn on a bank, savings bank, savings and loan association, or credit union. See Michigan Laws 487.2122
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Customer: means an individual who inquires into the availability of or applies for a deferred presentment service transaction or a drawer who enters into a deferred presentment service transaction. See Michigan Laws 487.2122
- deferred presentment service transaction: means a transaction between a licensee and a customer under which the licensee agrees to do all of the following:
(i) Pay to the customer an agreed-upon amount in exchange for a fee. See Michigan Laws 487.2122Department: means the department of insurance and financial services. See Michigan Laws 487.2122 Director: means the director of the department or his or her authorized representative. See Michigan Laws 487.2122 Drawee: means a bank, savings bank, savings and loan association, credit union, or other person on which a check is drawn. See Michigan Laws 487.2122 Drawer: means a customer who enters into a deferred presentment service transaction with a licensee. See Michigan Laws 487.2122 Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other. Licensee: means a person that is licensed to engage in the business of providing deferred presentment service transactions under this act. See Michigan Laws 487.2122 Maturity date: means the date on which a drawer's check is to be redeemed, presented for payment, or entered into the check-clearing process in a deferred presentment service transaction. See Michigan Laws 487.2122 Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses. Person: means an individual, partnership, association, corporation, limited liability company, or other legal entity except a governmental entity. See Michigan Laws 487.2122 person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o