Michigan Laws > Chapter 487 > Act 244 of 2005 – Deferred Presentment Service Transactions Act


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Terms Used In Michigan Laws > Chapter 487 > Act 244 of 2005 - Deferred Presentment Service Transactions Act

Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
Applicant: means a person that is seeking a license to engage in the business of providing deferred presentment service transactions under this act. See Michigan Laws 487.2122
Arrest: Taking physical custody of a person by lawful authority.
Check: means a draft that is payable on demand and drawn on a bank, savings bank, savings and loan association, or credit union. See Michigan Laws 487.2122
Commission: means the commission of natural resources. See Michigan Laws 320.2033
Commissioner: means the director or his or her authorized representative. See Michigan Laws 487.2122
Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
Contract: A legal written agreement that becomes binding when signed.
Conviction: A judgement of guilt against a criminal defendant.
Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Customer: means an individual who inquires into the availability of or applies for a deferred presentment service transaction or a drawer who enters into a deferred presentment service transaction. See Michigan Laws 487.2122
Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
Database provider: means 1 of the following:

(i) A third party provider selected by the director under section 22 to operate the statewide database described in that section. See Michigan Laws 487.2122

Deed: The legal instrument used to transfer title in real property from one person to another.

Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.

deferred presentment service transaction: means a transaction between a licensee and a customer under which the licensee agrees to do all of the following:

(i) Pay to the customer an agreed-upon amount in exchange for a fee. See Michigan Laws 487.2122

Department: means the department of insurance and financial services. See Michigan Laws 487.2122

Department: means the department of natural resources. See Michigan Laws 320.2033

Devise: To gift property by will.

Director: means the director of the department or his or her authorized representative. See Michigan Laws 487.2122

Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.

Drawee: means a bank, savings bank, savings and loan association, credit union, or other person on which a check is drawn. See Michigan Laws 487.2122

Drawer: means a customer who enters into a deferred presentment service transaction with a licensee. See Michigan Laws 487.2122

Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.

Executive officer: means an officer or director of a licensee or any other individual who has the authority to participate in the direction, directly or indirectly, through 1 or more persons, or the management or policies of a licensee. See Michigan Laws 487.2122

Executor: A male person named in a will to carry out the decedent

Fiduciary: A trustee, executor, or administrator.

Financial licensing act: means this act or any of the financial licensing acts as defined in section 2 of the consumer financial services act, 1988 PA 161, MCL 487. See Michigan Laws 487.2122

Forest: means a tract of land that is at least 10% stocked by trees of any size, whether of commercial or noncommercial species, or formerly having tree cover and not currently developed for nonforest use, including woodlands, woodlots, windbreaks, and shelter belts. See Michigan Laws 320.2033

Forestry operations: means activities related to the harvesting, reforestation, and other management activities, including, but not limited to, thinning, pest control, fertilization, and wildlife management, that are consistent with principles of sustainable forestry. See Michigan Laws 320.2033

Fraud: Intentional deception resulting in injury to another.

Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. ^{Source: OCC}

Gas: means dry or natural gas, casinghead gas or gas produced incidental to the production of oil. See Michigan Laws 319.102

Generally accepted forestry management practices: means those forest management practices as prescribed by the commission. See Michigan Laws 320.2033

Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.

Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.

in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q

Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.

Landowner: means the possessor of a fee interest in land or a tenant, lessee, occupant, or other person in lawful control of land. See Michigan Laws 320.2033

Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}

Licensee: means a person that is licensed to engage in the business of providing deferred presentment service transactions under this act. See Michigan Laws 487.2122

Maturity date: means the date on which a drawer's check is to be redeemed, presented for payment, or entered into the check-clearing process in a deferred presentment service transaction. See Michigan Laws 487.2122

Mortgage: The written agreement pledging property to a creditor as collateral for a loan.

Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.

Oil: means natural crude oil or petroleum or other hydrocarbons, regardless of gravity, which are produced at the well in liquid form by ordinary production methods and which are not the result of condensation of gas after it leaves the underground reservoir. See Michigan Laws 319.102

Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.

Person: means an individual, partnership, association, corporation, limited liability company, or other legal entity except a governmental entity. See Michigan Laws 487.2122

Person: means any natural person, corporation, association, partnership, receiver, trustee, judiciary or common law trust, guardian, executor, administrator or fiduciary of any kind. See Michigan Laws 319.102

person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l

Plaintiff: The person who files the complaint in a civil lawsuit.

Redeem: means that the customer pays to the licensee an amount equal to the face amount of a check included in a deferred presentment service transaction, on or before the maturity date or after the check is deposited and returned unpaid by the drawee, and the licensee returns the check to the customer. See Michigan Laws 487.2122

Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.

royalty interest: means that share of the produce or profits which the owner of land, or the oil and gas rights in such land, reserves or is entitled to whether under a lease or under the provisions of this act in consideration of permitting the owner of the working interest to develop such oil and gas mineral rights. See Michigan Laws 319.102

seal: shall be construed to include any of the following:

(a) The impression of the seal on the paper alone. See Michigan Laws 8.3n

state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o

Subpoena: A command to a witness to appear and give testimony.

Sustainable forestry: means forestry practices that are designed to meet present and future wood product needs by employing a land stewardship ethic that integrates the reforestation, managing, growing, nurturing, and harvesting of trees for useful products with the conservation of soil, air and water quality, wildlife and fish habitat, and visual changes. See Michigan Laws 320.2033

Testify: Answer questions in court.

Testimony: Evidence presented orally by witnesses during trials or before grand juries.

Timber: means live or dead trees, including, but not limited to, bark, foliage, wood, and firewood. See Michigan Laws 320.2033

Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.

Trustee: A person or institution holding and administering property in trust.

United States: shall be construed to include the district and territories. See Michigan Laws 8.3o

working interest: means that share of the produce or profits to which the person who develops the oil and gas mineral rights is entitled by reason thereof pursuant to either the provisions of a lease providing therefor or to the provisions of this act. See Michigan Laws 319.102