Michigan Laws 487.2159 – Agreements; maintenance; availability for examination; rejected applications
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Terms Used In Michigan Laws 487.2159
- Commissioner: means the director or his or her authorized representative. 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 487.2122Licensee: 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
(1) A licensee shall maintain each deferred presentment service agreement until the expiration of 3 years after the date the deferred presentment service agreement is satisfied and make available for examination by the commissioner any deferred presentment service agreements and all related documents in its possession or control including, but not limited to, any applications, credit reports, employment verifications, or loan disclosure statements.
(2) A licensee shall preserve and keep available for examination by the commissioner all documents pertaining to a rejected application for a deferred presentment service transaction for any period of time required by law.