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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: 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:

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:

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:

Trihouse Enterprises, Inc.
Payday & Paycheck Loans & Consulting
823 South 6th St
Suite 100
Las Vegas, Nevada. 89101-6923