§ 487.2131 Business of providing deferred presentment service transactions; license required; scope of act; application process and timeline; bulletin, order, or rule
§ 487.2132 Licensure requirements
§ 487.2133 Application; writing; oath; form; information; fee
§ 487.2134 License fees; disposition; surety bond
§ 487.2135 Issuance of license upon investigation that requirements satisfied; posting copy of license
§ 487.2136 Denial of application or failure to act within certain time period; hearing
§ 487.2137 License not transferable or assignable; change in control; duties of licensee; request for information or documentation; “control” defined
§ 487.2138 Report describing certain event
§ 487.2139 Expiration and renewal of license
§ 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
§ 487.2141 Books, accounts, and records; preservation
§ 487.2142 Development, implementation, and maintenance of database

Terms Used In Michigan Laws > Chapter 487 > Act 244 of 2005 > Article 2

  • 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
  • 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
  • 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
  • Devise: To gift property by will.
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • 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.
  • 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
  • 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
  • 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
  • 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.
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • 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.
  • 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