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
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Website:: https://www.michigan.gov/lara/
0,4601,7-154-35299_10555---,00.html -
File complaint:: https://www.michigan.gov/documents/
cis_ofis_fis_pub_1003_24966_7.pdf
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Please consult a qualified attorney for advice on your specific situation.
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