Michigan Payday Loan Laws
Michigan Payday loan laws. Michigan Payday loan legislation. Michigan state does have specific, enabling payday loan legislation in place. M.C.L.A. 487.2121 et seq. Michigan Payday loans 15% on 1st $100. 14% on 2nd $100; 13% on 3rd $100; 12% on 4th $100; 11% on 5th and 6th $100.
Michigan Payday loans maximum permitted term is 31 days.
Michigan Payday loans maximum amount of the advance is $600.
Michigan Payday loans rollovers are not permitted.
There is no mandated cooling off period for Michigan Payday loans.
Michigan State Payday Loan Laws and Legislation InformationMichigan Payday Loans Legal Status: Legal Michigan Payday Loans Citation: Mich. Comp. Laws 487.2121 et seq. Michigan Payday Loans Terms: Michigan Payday Loans Maximum Loan Amount: $600 Michigan Payday Loans Term: Max: 31 days Michigan Payday Loans 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 Michigan Payday Loans Finance Charge for 14-day $100 loan: $15 Michigan Payday Loans Debt Limits: Michigan Payday Loans Maximum Number of Outstanding Loans at One Time: One with licensee or more than one with any other licensee Michigan Payday Loans Rollovers Permitted: None (cannot renew; lender may extend only if it does not charge a fee) Michigan Payday Loans Cooling-off Period: Michigan Payday Loans Repayment Plan: Yes Michigan Payday Loans Collection Limits: Michigan Payday Loans Collection Fees: One $25 returned check charge Michigan Payday Loans Regulator: Michigan Office of Financial and Insurance Services Michigan Payday Loans Address: P.O. Box 30220 Lansing MI 48909 Michigan Payday Loans Phone Number: (877) 999-6442 Michigan Payday Loans Fax: (517) 335-4978 Michigan Payday Loans Regulatory Contact: Contact: OFIS (toll-free) 1-877-999-6442 |
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