Michigan Compiled Laws

Mich. Comp. Laws § 487.2131 (2026)

Business of providing deferred presentment service transactions; license required; scope of act; application process and timeline; bulletin, order, or rule.

✓ current as of July 2026

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DEFERRED PRESENTMENT SERVICE TRANSACTIONS ACT

Act 244 of 2005

487.2131 Business of providing deferred presentment service transactions; license required; scope of act; application process and timeline; bulletin, order, or rule.

Sec. 11.

(1) Subject to subsection (2), a person shall not engage in the business of providing deferred presentment service transactions after June 1, 2006 without a license under this act. A separate license is required for each location from which the business of providing deferred presentment service transactions is conducted.

(2) This act does not apply to a state or nationally chartered bank or a state or federally chartered savings and loan association, savings bank, or credit union whose deposits or member accounts are insured by an agency of the United States government.

(3) By January 1, 2006, the commissioner by administrative bulletin, order, or rule shall establish an application process and an application timeline for license applications under this act.

(4) A person may continue to engage in the business of providing deferred presentment service transactions in this state after June 1, 2006 and without a license until 1 of the following occurs:

(a) The person fails to meet its applications deadline.

(b) The commissioner acts on the person's complete application.

History: 2005, Act 244, Imd. Eff. Nov. 28, 2005

Notes of Decisions

Cited in 2 cases, 2010–2010 · leading case: Michigan Deferred Presentment Servs. Ass'n v. Comm'r of Off. of Fin. & Ins. Reg., 788 N.W.2d 842 (Mich. Ct. App. 2010).

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Michigan Deferred Presentment Servs. Ass'n v. Comm'r of Off. of Fin. & Ins. Reg., 788 N.W.2d 842 (Mich. Ct. App. 2010). “MCL 487.2131. According to defendant, 788 licenses had been issued under this act.”

Mdpsa v. Fin. & Ins. Com'r, 788 N.W.2d 842 (Mich. Ct. App. 2010). “MCL 487.2131. According to defendant, 788 licenses had been issued under this act.”

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