(last updated 01/02/2018)
Michigan Payday Loan Laws and Regulations in (MI)
Payday loans and cash advances are legal in Michigan. The Michigan Department of Financial and Insurance Regulation has been regulating Payday Loans and Cash Advances since November 28th, 2005. As of 01/15/2015 there were 89 licensed lenders and 618 licensed locations in Michigan.
The maximum payday loan allowed in Michigan is $600. The maximum payday loan as a percentage of income is not specified. The number of loans that can be open at one time is 1 per lender, 2 payday loans total . The maximum permissible fees allowed in Michigan is 15% 1st $100, 14% 2nd $100, 13% 3rd $100, 12% 4th $100, 11% 5th $100, 11% 6th $100 . The cooling off or waiting period for obtaining another loan is not specified days. The number of rollovers that are permitted is none. The lender may extend the loan only if they do not charge an extension fee. The minimum loan term is 7 days. The maximum loan term is 31 days.
This information is for informational purposes only. Although care has been taken to accurately describe the laws and regulations in Michigan, no guarantees are implied or expressed about its accuracy. This is not legal advice. If you need legal advice, please consult an attorney or the Michigan Department of Financial and Insurance Regulation.
The following classes of lending organizations may be exempt from some, all, or none of the regulations and laws set by the state of Indiana. Federally chartered banks, state chartered banks, credit unions and some entities organized under the laws of a sovereign nation (for example) a Native American Tribe or the country of Antigua.