reglab/housing_qa huggingface dataset:
MI Comp L § 487.2121 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 244 of 2005 - Deferred Presentment Service Transactions Act (487.2121 - 487.2173)|Article 1 - (487.2121...487.2122)|Section 487.2121 - Short Title.

487.2121 Short title.Sec. 1.  This act shall be known and may be cited as the "deferred presentment service transactions act". History: 2005, Act 244, Imd. Eff. Nov. 28, 2005
MI Comp L § 487.2131 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 244 of 2005 - Deferred Presentment Service Transactions Act (487.2121 - 487.2173)|Article 2 - (487.2131...487.2142)|Section 487.2131 - Business of Providing Deferred Presentment Service Transactions; License Required; Scope of Act; Application Process and Timeline; Bulletin, Order, or Rule.

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
MI Comp L § 487.2132 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 244 of 2005 - Deferred Presentment Service Transactions Act (487.2121 - 487.2173)|Article 2 - (487.2131...487.2142)|Section 487.2132 - Licensure Requirements.

487.2132 Licensure requirements.Sec. 12.  To obtain a license, an applicant shall satisfy all of the following requirements:  (a) Have and maintain net worth of at least $50,000.00 for each licensed location, subject to a maximum of $250,000.00 in required net worth for any 1 licensee, determined in accordance with generally accepted accounting principles.  (b) Demonstrate to the commissioner that the applicant has the financial responsibility, financial condition, business experience, character, and general fitness to reasonably warrant a belief that the applicant will conduct its business lawfully and fairly. In determining whether this subdivision is satisfied, and for the purpose of investigating compliance with this act, the commissioner may review any of the following:  (i) The relevant business records and the capital adequacy of the applicant.  (ii) The competence, experience, integrity, and financial ability of any person who is a member, partner, executive officer, or a shareholder with 10% or more interest in the applicant.  (iii) Any record regarding the applicant, or any person referred to in subparagraph (ii), of any criminal activity, fraud, or other act of personal dishonesty, any act, omission, or practice that constitutes a breach of a fiduciary duty, or any suspension, removal, or administrative action by any agency or department of the United States or any state. History: 2005, Act 244, Imd. Eff. Nov. 28, 2005
MI Comp L § 487.2133 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 244 of 2005 - Deferred Presentment Service Transactions Act (487.2121 - 487.2173)|Article 2 - (487.2131...487.2142)|Section 487.2133 - Application; Writing; Oath; Form; Information; Fee.

487.2133 Application; writing; oath; form; information; fee.Sec. 13.  (1) An applicant shall submit an application for a license to the commissioner. Each application for a license shall be in writing and under oath, in a form prescribed by the commissioner, and shall include all of the following information:  (a) The name, street address, and telephone number of the business location within this state from which the applicant will offer deferred presentment service transactions, if available.  (b) The legal name, residence, street address, and telephone number and business address of the applicant and, if the applicant is not an individual, of each executive officer and each person who directly or indirectly owns or controls 10% or more of the ownership interest in the applicant.  (c) If the applicant will not operate a physical business location in this state or if in addition to the location described in subdivision (a) the applicant will make deferred presentment service transactions by other means, a detailed description of the manner in which deferred presentment service transactions will be offered to customers in this state.  (d) Any other information the commissioner considers necessary under this act.  (2) An applicant shall include an application fee in an amount determined by the commissioner with the application described in subsection (1). History: 2005, Act 244, Imd. Eff. Nov. 28, 2005
MI Comp L § 487.2134 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 244 of 2005 - Deferred Presentment Service Transactions Act (487.2121 - 487.2173)|Article 2 - (487.2131...487.2142)|Section 487.2134 - License Fees; Disposition; Surety Bond.

487.2134 License fees; disposition; surety bond.Sec. 14.  (1) A licensee shall pay a license fee, in an amount determined by the commissioner under subsection (2), within 60 days of submitting its license application, and then annually.  (2) The commissioner shall annually establish a schedule of license fees based upon each licensee's business volume, number of locations, and any other business factors considered reasonable by the commissioner in order to generate funds sufficient to pay, but not to exceed, the office's reasonably anticipated costs of administering this act. A licensee shall pay the actual travel, lodging, and meal expenses incurred by office employees who travel out of state to examine the records of or investigate the licensee. An office employee who travels under this subsection shall comply with all travel regulations and rate schedules currently in effect for the reimbursement of expenses incurred by classified state employees in connection with official state business.  (3) Money received under this act shall be deposited in an interest bearing account in the state treasury and credited to the office to be used only for the operation of the office.  (4) In addition to the license fee required under subsection (1), except as provided in this subsection, a licensee shall furnish a $50,000.00 surety bond to secure the performance of its obligations, issued by a bonding company or insurance company authorized to do business in this state and in a form satisfactory to the commissioner. However, if 1 person owns 20% or more of the ownership interest in 2 or more licensees, the group of licensees having that common ownership is only obligated to furnish one $50,000.00 surety bond. History: 2005, Act 244, Imd. Eff. Nov. 28, 2005
MI Comp L § 487.2135 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 244 of 2005 - Deferred Presentment Service Transactions Act (487.2121 - 487.2173)|Article 2 - (487.2131...487.2142)|Section 487.2135 - Issuance of License Upon Investigation That Requirements Satisfied; Posting Copy of License.

487.2135 Issuance of license upon investigation that requirements satisfied; posting copy of license.Sec. 15.  (1) After the commissioner receives a completed license application, the commissioner shall investigate to determine whether the requirements of this act are satisfied. If the commissioner finds that the requirements of this act are satisfied, the commissioner shall issue to the applicant a license to engage in deferred presentment service transactions.  (2) A licensee shall post a copy of its license in a conspicuous location at the place of business of the licensee. History: 2005, Act 244, Imd. Eff. Nov. 28, 2005
MI Comp L § 487.2136 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 244 of 2005 - Deferred Presentment Service Transactions Act (487.2121 - 487.2173)|Article 2 - (487.2131...487.2142)|Section 487.2136 - Denial of Application or Failure to Act Within Certain Time Period; Hearing.

487.2136 Denial of application or failure to act within certain time period; hearing.Sec. 16.  (1) If the commissioner determines that an applicant is not qualified to receive a license, the commissioner shall notify the applicant in writing that the application has been denied, stating the basis for denial.  (2) If the commissioner denies an application, or if the commissioner fails to act on an application within 60 days after the filing of a properly completed application, or within a longer time period agreed to by the commissioner and the applicant, the applicant may submit a written demand to the commissioner for a hearing before the commissioner on the question of whether the commissioner should grant a license. If a hearing is held, the commissioner shall reconsider the application, and issue a written order granting or denying the application after the hearing. History: 2005, Act 244, Imd. Eff. Nov. 28, 2005
MI Comp L § 487.2137 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 244 of 2005 - Deferred Presentment Service Transactions Act (487.2121 - 487.2173)|Article 2 - (487.2131...487.2142)|Section 487.2137 - License Not Transferable or Assignable; Change in Control; Duties of Licensee; Request for Information or Documentation; "Control" Defined.

487.2137 License not transferable or assignable; change in control; duties of licensee; request for information or documentation; "control" defined.Sec. 17.  (1) A license issued under this article is not transferable or assignable.  (2) The prior written approval of the commissioner is required for the continued operation of a licensee if there is a change in control of that licensee. The commissioner may require information considered necessary to determine whether a new application is required. The person that requests the approval shall pay the cost incurred by the commissioner in investigating the change of control request.  (3) A licensee shall do all of the following:  (a) At least 15 days before providing deferred presentment service transactions at any new location or under section 13(1)(c), provide written notice to the commissioner on a form prescribed by the commissioner of the name, street address, and telephone number of the new location or the detailed description required in section 13(1)(c).  (b) At least 15 days before discontinuing deferred presentment service transactions at any existing location or under section 13(1)(c), provide written notice to the commissioner on a form prescribed by the commissioner of the name, street address, and telephone number of the discontinued location or the detailed description of the services required in section 13(1)(c).  (4) A licensee shall comply with any request for information or documentation made by the commissioner under this act and shall comply with any reasonable written time deadlines imposed by the commissioner on that request.  (5) As used in this section, "control" means 1 of the following:  (a) For a corporation, direct or indirect ownership of, or the right to control, 10% or more of the voting shares of the corporation, or the ability of a person to elect a majority of the directors or otherwise effect a change in policy.  (b) For any entity other than a corporation, the ability to change the principals of the organization, whether active or passive. History: 2005, Act 244, Imd. Eff. Nov. 28, 2005
MI Comp L § 487.2138 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 244 of 2005 - Deferred Presentment Service Transactions Act (487.2121 - 487.2173)|Article 2 - (487.2131...487.2142)|Section 487.2138 - Report Describing Certain Event.

487.2138 Report describing certain event.Sec. 18.  The commissioner may determine and identify by order or rule events that may occur to a licensee that require the licensee to file a written report with the commissioner describing the event and its expected impact on the activities of the licensee, on a form prescribed by the commissioner for the event. History: 2005, Act 244, Imd. Eff. Nov. 28, 2005
MI Comp L § 487.2139 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 244 of 2005 - Deferred Presentment Service Transactions Act (487.2121 - 487.2173)|Article 2 - (487.2131...487.2142)|Section 487.2139 - Expiration and Renewal of License.

487.2139 Expiration and renewal of license.Sec. 19.  (1) A license issued under this article shall expire on September 30 of each year unless earlier suspended, surrendered, or revoked under this act. A licensee may renew a license for a 12-month period by submitting a complete application that shows continued compliance with this act, in a form prescribed by the commissioner, and paying the license renewal fee to the commissioner. The licensee shall submit a renewal application under this subsection on or before August 1 and the commissioner shall proceed in the manner described in sections 15(1) and 16.  (2) Before October 1, 2006, the commissioner may issue a license to an applicant under this article that is for a period longer than 12 months and that expires on September 30, 2007. History: 2005, Act 244, Imd. Eff. Nov. 28, 2005
MI Comp L § 487.2140 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 244 of 2005 - Deferred Presentment Service Transactions Act (487.2121 - 487.2173)|Article 2 - (487.2131...487.2142)|Section 487.2140 - Enforcement and Implementation of Act; Issuance of Orders and Rules; Correction of Inaccurate Information; Duties of Licensee if Database Not Operational; Examination of Business, Books, and Records.

487.2140 Enforcement and implementation of act; issuance of orders and rules; correction of inaccurate information; duties of licensee if database not operational; examination of business, books, and records.Sec. 20.  (1) The commissioner may issue orders and rules that he or she considers necessary to enforce and implement this act. The commissioner shall make a copy of any order or rule issued under this subsection available to each licensee within a reasonable time after issuance.  (2) If any information previously submitted to the commissioner by a licensee under this act is no longer accurate, the licensee shall promptly file in writing with the commissioner a correction of the information. If requested by the commissioner, the licensee shall provide a written report of its business operations, including information described in subsection (3), within a reasonable time after the commissioner's request.  (3) If the commissioner has not implemented a database under section 22 or the database described in that section is not fully operational, as determined by the commissioner, a licensee shall do all of the following:  (a) Provide an annual written report of its business operations, including business volume and other information on the business of providing deferred presentment service transactions.  (b) Every February 1, May 1, August 1, and November 1, report to the commissioner on a form prescribed by the commissioner all of the following:  (i) The number of customers who during the preceding calendar quarter notified the licensee of a violation of this act.  (ii) A breakdown of the number of times the licensee agreed that a violation of this act occurred and the number of times that the licensee did not agree that a violation occurred.  (iii) If the licensee agreed that the violation occurred, the amount of restitution that was paid to any customer under this act.  (iv) Any other information the commissioner considers necessary under this act.  (4) To assure compliance with this act, the commissioner may examine the relevant business, books, and records of any licensee. History: 2005, Act 244, Imd. Eff. Nov. 28, 2005
MI Comp L § 487.2141 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 244 of 2005 - Deferred Presentment Service Transactions Act (487.2121 - 487.2173)|Article 2 - (487.2131...487.2142)|Section 487.2141 - Books, Accounts, and Records; Preservation.

487.2141 Books, accounts, and records; preservation.Sec. 21.  Each licensee shall keep and use in its business any books, accounts, and records the commissioner requires under this act. A licensee shall preserve the books, accounts, and records for at least 3 years, unless applicable state or federal law concerning record retention requires a longer retention period. History: 2005, Act 244, Imd. Eff. Nov. 28, 2005
MI Comp L § 487.2157 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 244 of 2005 - Deferred Presentment Service Transactions Act (487.2121 - 487.2173)|Article 3 - (487.2151...487.2160)|Section 487.2157 - Rescission of Agreement; Redemption of Check by Drawer.

487.2157 Rescission of agreement; redemption of check by drawer.Sec. 37.  (1) A drawer may rescind a deferred presentment service agreement without cost to the drawer and for any reason if the drawer, not later than the close of business on the business day following the date of the deferred presentment service transaction, either delivers to the licensee cash in an amount equal to the amount the drawer received if the drawer received cash in the transaction or returns to the licensee the licensee's check the drawer received if the drawer received a check from the licensee in the transaction. The licensee shall return to the drawer the check received in the transaction and any service fee paid by the drawer to the licensee. A drawer who rescinds an agreement under this section is not eligible for restitution under section 36 with regard to the rescinded agreement.  (2) A drawer may redeem a check from the licensee holding the check in a deferred presentment service transaction at any time before the maturity date. A licensee shall return the check to the drawer upon receipt of cash or its equivalent in the full amount of the check. A licensee shall not contract for or collect a charge for accepting partial payments from the customer if the full amount is paid by the maturity date. History: 2005, Act 244, Imd. Eff. Nov. 28, 2005
MI Comp L § 487.2158 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 244 of 2005 - Deferred Presentment Service Transactions Act (487.2121 - 487.2173)|Article 3 - (487.2151...487.2160)|Section 487.2158 - Endorsement of Check; Returned Check Charge; Liability for Dishonored Check.

487.2158 Endorsement of check; returned check charge; liability for dishonored check.Sec. 38.  (1) A licensee shall endorse a check given to it by a drawer with the actual name under which the licensee is doing business before the licensee negotiates or presents the check for payment.  (2) A licensee may contract for and collect a returned check charge that does not exceed the maximum returned check charge determined under subsection (3) if the drawer's check that the licensee is holding in a deferred presentment service transaction is returned by the drawee due to insufficient funds, a closed account, or a stop payment order. The licensee may only contract for and collect 1 returned check charge under this subsection in a transaction with a customer. In addition to the charge authorized by this section, a licensee may exercise any other remedy available under any law applicable to the return of a check because of a closed account or a stop payment order.  (3) The initial maximum amount of a returned check charge described in subsection (2) is $25.00. Beginning March 1, 2011, and by March 1 of every fifth year after March 1, 2011, the licensee may adjust the maximum returned check charge by an amount determined by the commissioner to reflect the cumulative percentage change in the Detroit consumer price index over the preceding 5 calendar years. As used in this subsection, "Detroit consumer price index" means the most comprehensive index of consumer prices available for the Detroit area from the bureau of labor statistics of the United States department of labor.  (4) A drawer is not subject to any criminal penalty for entering into a deferred presentment service transaction and is not subject to any criminal penalty in the event the drawer's check is dishonored. History: 2005, Act 244, Imd. Eff. Nov. 28, 2005
MI Comp L § 487.2159 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 244 of 2005 - Deferred Presentment Service Transactions Act (487.2121 - 487.2173)|Article 3 - (487.2151...487.2160)|Section 487.2159 - Agreements; Maintenance; Availability for Examination; Rejected Applications.

487.2159 Agreements; maintenance; availability for examination; rejected applications.Sec. 39.  (1) A licensee shall maintain each deferred presentment service agreement until the expiration of 3 years after the date the deferred presentment service agreement is satisfied and make available for examination by the commissioner any deferred presentment service agreements and all related documents in its possession or control including, but not limited to, any applications, credit reports, employment verifications, or loan disclosure statements.  (2) A licensee shall preserve and keep available for examination by the commissioner all documents pertaining to a rejected application for a deferred presentment service transaction for any period of time required by law. History: 2005, Act 244, Imd. Eff. Nov. 28, 2005
MI Comp L § 487.2160 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 244 of 2005 - Deferred Presentment Service Transactions Act (487.2121 - 487.2173)|Article 3 - (487.2151...487.2160)|Section 487.2160 - Prohibited Conduct.

487.2160 Prohibited conduct.Sec. 40.  A licensee shall not do any of the following:  (a) Enter into a tying arrangement through which the licensee conditions the sale of 1 financial service to a consumer on the agreement by the consumer to purchase 1 or more other financial services from the licensee or an affiliate or subsidiary of the licensee.  (b) Knowingly permit a person to violate an order that has been issued under this act or any other financial licensing act that prohibits that person from being employed by, an agent of, or a control person of the licensee. History: 2005, Act 244, Imd. Eff. Nov. 28, 2005