How to Start Michigan Payday Loan Business: Resources and Laws
The following links should take you to the Michigan Department of Corporations which provides oversight for the Michigan payday loan industry; often referred to as the Michigan Deferred Deposit Industry.
BE AWARE that the state of Michigan often changes these links so you may have to begin here if all else fails:
Michigan.gov Web Site
Michigan Department of Labor and Insurance
Michigan Department of Insurance and Financial Regulation
Michigan Payday Loans Deferred Presentment
Additional Michigan payday loan resources:
Burrell Printing sample contract 1-800-531-5234
Michigan Schedule of Fees
Michigan Payday Loan Application Packet
Duplicate web site for Michigan Payday Loan Packet
Michigan Payday Loan Bulletin
Michigan Military Notice
Michigan Data Base Provider - Veritec
Veritec will maintain a toll-free number 1-866-643-7701 for a Customer Care Center during normal business hours of 9 a.m. to 7 p.m. Eastern Standard Time. The Customer Care Center is available to resolve DPPs and customer inquires and disputes pursuant to the Deferred Presentment Service Transactions Act. Typically, the following types of calls are referred to the center:
- Receiving the Michigan Deferred Presentment Transaction System Welcome Package.
- DPPs or Consumer questions relating to the Act.
- Consumer questions or disputes about eligibility to enter into a new Deferred Presentment Transaction with a DPP. Note that only the person deemed ineligible may make a direct inquiry to Veritec via Customer Care Center. Any person deemed ineligible by the Database may seek to dispute the determination by following the dispute resolution procedures of Veritec.
- DPPs or Consumer reporting of non-compliant or suspicious deferred presentment service transactions.
- Technical support, general questions about the Act, and general support related to the Services.
Veritec - Overview of Fees
Beginning June 1, 2007, the Deferred Presentment Provider will be charged a total fee of 45 cents ($0.45) for each approved and registered deferred presentment transaction.
This transaction-based fee consists of a database verification fee of 45 cents ($0.45). Note that this portion of the total fee may be "passed-on" or charged to the consumer pursuant to the Act.
This is the only fee collected for normal use of the Services. Please note the following additional information:
- No monthly fees
- No minimum usage
- Unlimited Customer Eligibility Checks
- Unlimited SSN Validation checks
- Reasonable usage of the Customer Care Center IVR and Help Desk
- No charge for transaction updates
- Unlimited usage of the Database for reporting and administrative purposes
- No fees for initial and on-going training
- No fees for loading your initial data provided in a standard format
- Unlimited usage for purposes of conducting business under the Michigan Deferred Presentment Service Transactions Act.
Prior to June 1, 2007, the DPP was charged a total fee of 75 cents ($0.75) for each approved and registered deferred presentment transaction. This transaction-based fee consisted of the following two components:
- A database verification fee of 45 cents ($0.45). Note that this portion of the total fee may be "passed-on" or charged to the consumer pursuant to the Act.
- A licensing fee of 30 cents ($0.30).
Trihouse Enterprises, Inc.
Payday & Paycheck Loans & Consulting
823 South 6th St
Las Vegas, Nevada. 89101-6923