487.2131 Business of providing deferred presentment service transactions; license required; scope of act; application process and timeline; bulletin, order, or rule. Sec. 11. (1) Subject to subsection (2), a person shall not engage in the business of providing deferred presentment service transactions after June 1, 2006 without a license under this act. A separate license […]
487.2132 Licensure requirements. Sec. 12. To obtain a license, an applicant shall satisfy all of the following requirements: (a) Have and maintain net worth of at least $50,000.00 for each licensed location, subject to a maximum of $250,000.00 in required net worth for any 1 licensee, determined in accordance with generally accepted accounting principles. (b) […]
487.2133 Application; writing; oath; form; information; fee. Sec. 13. (1) An applicant shall submit an application for a license to the commissioner. Each application for a license shall be in writing and under oath, in a form prescribed by the commissioner, and shall include all of the following information: (a) The name, street address, and […]
487.2134 License fees; disposition; surety bond. Sec. 14. (1) A licensee shall pay a license fee, in an amount determined by the commissioner under subsection (2), within 60 days of submitting its license application, and then annually. (2) The commissioner shall annually establish a schedule of license fees based upon each licensee’s business volume, number […]
487.2135 Issuance of license upon investigation that requirements satisfied; posting copy of license. Sec. 15. (1) After the commissioner receives a completed license application, the commissioner shall investigate to determine whether the requirements of this act are satisfied. If the commissioner finds that the requirements of this act are satisfied, the commissioner shall issue to […]
487.2136 Denial of application or failure to act within certain time period; hearing. Sec. 16. (1) If the commissioner determines that an applicant is not qualified to receive a license, the commissioner shall notify the applicant in writing that the application has been denied, stating the basis for denial. (2) If the commissioner denies an […]
487.2137 License not transferable or assignable; change in control; duties of licensee; request for information or documentation; “control” defined. Sec. 17. (1) A license issued under this article is not transferable or assignable. (2) The prior written approval of the commissioner is required for the continued operation of a licensee if there is a change […]
487.2138 Report describing certain event. Sec. 18. The commissioner may determine and identify by order or rule events that may occur to a licensee that require the licensee to file a written report with the commissioner describing the event and its expected impact on the activities of the licensee, on a form prescribed by the […]
487.2139 Expiration and renewal of license. Sec. 19. (1) A license issued under this article shall expire on September 30 of each year unless earlier suspended, surrendered, or revoked under this act. A licensee may renew a license for a 12-month period by submitting a complete application that shows continued compliance with this act, in […]
487.2140 Enforcement and implementation of act; issuance of orders and rules; correction of inaccurate information; duties of licensee if database not operational; examination of business, books, and records. Sec. 20. (1) The commissioner may issue orders and rules that he or she considers necessary to enforce and implement this act. The commissioner shall make a […]
487.2141 Books, accounts, and records; preservation. Sec. 21. Each licensee shall keep and use in its business any books, accounts, and records the commissioner requires under this act. A licensee shall preserve the books, accounts, and records for at least 3 years, unless applicable state or federal law concerning record retention requires a longer retention […]
487.2142 Development, implementation, and maintenance of database. Sec. 22. (1) On or before December 31, 2006, the commissioner shall develop, implement, and maintain a statewide, common database that has real-time access through an internet connection, is accessible at all time to licensees, and to the commissioner for purposes of subsections (10) and (11), and meets […]
