MI

Michigan State Information

Legal Status: Legal

Citation:
Mich. Comp. Laws ยงยง 487.2121 et seq.

Loan Terms:
Maximum Loan Amount: $600
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of first $100, 14% of second $100, 13% of third $100, 12% of fourth $100, 11% of fifth $100, 11% of sixth $100 + any database verification fee
Finance Charge for 14-day $100 loan: $15
APR for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two, only one with same lender.
Rollovers Permitted: None (cannot renew; lender may extend only if it does not charge a fee)
Cooling-off Period:
Repayment Plan: Yes

Collection Limits:
Collection Fees: One $25 NSF fee
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Department of Insurance and Financial Services
Address: P.O. Box 30220 Lansing MI 48909
Phone: (877) 999-6442
Fax: 517-284-8837
Regulator Website

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