§ 487.2151 Notice; posting; form
§ 487.2152 Written deferred presentment service agreement; signatures; provisions; arbitration
§ 487.2153 Transaction; limitation on amount; service fee; conditions prohibiting entering transaction; duties of licensee; prohibited conduct; sign
§ 487.2154 Customer eligibility; verification; use of database; fee; submission of information to database; closure of transaction
§ 487.2155 Renewal or extension of agreement; repayment option; conditions; terms; notice; satisfaction of drawer’s obligation; deposit of check held in connection with transaction; return of check; payment
§ 487.2156 Violation of act
§ 487.2157 Rescission of agreement; redemption of check by drawer
§ 487.2158 Endorsement of check; returned check charge; liability for dishonored check
§ 487.2159 Agreements; maintenance; availability for examination; rejected applications
§ 487.2160 Prohibited conduct
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Terms Used In Michigan Laws > Chapter 487 > Act 244 of 2005 > Article 3

  • 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
  • Commissioner: means the director or his or her authorized representative. See Michigan Laws 487.2122
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Contract: A legal written agreement that becomes binding when signed.
  • 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
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Database provider: means 1 of the following:
    (i) A third party provider selected by the director under section 22 to operate the statewide database described in that section. 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 487.2122
  • Department: 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.
  • Financial licensing act: means this act or any of the financial licensing acts as defined in section 2 of the consumer financial services act, 1988 PA 161, MCL 487. See Michigan Laws 487.2122
  • in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q
  • Interrogatories: Written questions asked by one party of an opposing party, who must answer them in writing under oath; a discovery device in a lawsuit.
  • 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
  • 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.
  • 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
  • Redeem: means that the customer pays to the licensee an amount equal to the face amount of a check included in a deferred presentment service transaction, on or before the maturity date or after the check is deposited and returned unpaid by the drawee, and the licensee returns the check to the customer. See Michigan Laws 487.2122
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • 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
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • United States: shall be construed to include the district and territories. See Michigan Laws 8.3o