The so-called payday lenders in Michigan are susceptible to state legislation and controlled by the Michigan Department of Insurance and Financial solutions, however they are perhaps not susceptible to the maximum that is legal prices founded by state law.
Barbara Strefling, manager for the DIFS Office of customer Finance, stated the presentment that is???deferred??? providers often called payday lenders ???are perhaps not lenders.???
That??™s exactly how the statute describes it
The Michigan Attorney General features a customer alert on basic information to its website about pay day loans ???Payday loan, cash loan, or check always advance loan are generally used expressions to spell it out just what Michigan legislation relates to being a ???deferred presentment service deal.??™ For the purposes of the customer Alert, we’re going to make reference to deferred presentment service transactions as ???payday loans.???