Payday loan laws in Michigan

  • Status: Legal (Mich. Comp. Laws §§ 487.2121 et seq.)
For Lenders

Lending specifications:

  • Maximum loan amount: $600
  • Loan tenure: Up to 31 days
  • Fees and finance charges: First $100=15%; second $100=14%; third $100=13%; fourth $100=12%; fifth $100=11%; sixth $100=11% + any database verification fee
  • Finance charge on a 14-day $100 loan: $15
  • APR on 14-day $100 loan: 390%

Collection restrictions:

  • Collection fees: One $25 NSF fee
  • Criminal procedures: Prohibited
For Borrowers

Debt limits:

  • Maximum no. of outstanding loans at a time: One with licensee or many with any other licensee
  • Rollovers allowed: None
  • Repayment plan: Available

Complaint cell:

  • Regulator: Michigan Office of Financial and Insurance Regulation
  • Address: P.O. Box 30220 Lansing MI 48909
  • Phone: Toll-Free: 1-877-999-6442
  • Fax: (517) 335-4978
  • Regulatory contact: Deputy Chief Examiner
  • Website:: http://www.michigan.gov/lara/
    0,4601,7-154-35299_10555---,00.html
  • File complaint:: http://www.michigan.gov/documents/
    cis_ofis_fis_pub_1003_24966_7.pdf



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