487.2151 Notice; posting; form. Sec. 31. (1) A licensee shall post prominently in an area designed to be seen by the customer before he or she enters into a deferred presentment service transaction the following notice in at least 36-point type: “1. A deferred presentment service transaction is not intended to meet long-term financial needs. […]
487.2152 Written deferred presentment service agreement; signatures; provisions; arbitration. Sec. 32. (1) A licensee shall document a deferred presentment service transaction by entering into a written deferred presentment service agreement signed by both the customer and the licensee. (2) A licensee shall include all of the following in the written deferred presentment service agreement: (a) […]
487.2153 Transaction; limitation on amount; service fee; conditions prohibiting entering transaction; duties of licensee; prohibited conduct; sign. Sec. 33. (1) A licensee may enter into 1 deferred presentment service transaction with a customer for any amount up to $600.00. A licensee may charge the customer a service fee for each deferred presentment service transaction. A […]
487.2154 Customer eligibility; verification; use of database; fee; submission of information to database; closure of transaction. Sec. 34. (1) A licensee shall verify a customer’s eligibility to enter into a deferred presentment service transaction by doing 1 of the following, as applicable: (a) If the commissioner has not implemented a database under section 22 or […]
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 by debit card; “telephone-initiated entry” defined.. Sec. 35. (1) A licensee shall not renew a deferred presentment service agreement. A licensee may extend a deferred presentment service agreement […]
487.2156 Violation of act. Sec. 36. (1) No later than the close of business on the day he or she signed a deferred presentment service agreement, a drawer who believes that a licensee has violated this act may notify the licensee in person that the licensee has violated the act. The drawer shall identify the […]
487.2157 Rescission of agreement; redemption of check by drawer. Sec. 37. (1) A drawer may rescind a deferred presentment service agreement without cost to the drawer and for any reason if the drawer, not later than the close of business on the business day following the date of the deferred presentment service transaction, either delivers […]
487.2158 Endorsement of check; returned check charge; liability for dishonored check. Sec. 38. (1) A licensee shall endorse a check given to it by a drawer with the actual name under which the licensee is doing business before the licensee negotiates or presents the check for payment. (2) A licensee may contract for and collect […]
487.2159 Agreements; maintenance; availability for examination; rejected applications. Sec. 39. (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 […]
487.2160 Prohibited conduct. Sec. 40. A licensee shall not do any of the following: (a) Enter into a tying arrangement through which the licensee conditions the sale of 1 financial service to a consumer on the agreement by the consumer to purchase 1 or more other financial services from the licensee or an affiliate or […]
