Michigan § 487.2131 - Business of providing deferred presentment service transactions; license required; scope of act; application process and timeline; bulletin, order, or rule.
Full text of Michigan Michigan Compiled Laws § 487.2131 — Business of providing deferred presentment service transactions; license required; scope of act; application process and timeline; bulletin, order, or rule., with citation guidance and answers to common questions.
§ 487.2131. Business of providing deferred presentment service transactions; license required; scope of act; application process and timeline; bulletin, order, or rule.
(1) Subject to subsection (2), a person shall not engage in the business of providing deferred presentment service transactions after June 1, 2006 without a license under this act. A separate license is required for each location from which the business of providing deferred presentment service transactions is conducted.
(2) This act does not apply to a state or nationally chartered bank or a state or federally chartered savings and loan association, savings bank, or credit union whose deposits or member accounts are insured by an agency of the United States government.
(3) By January 1, 2006, the commissioner by administrative bulletin, order, or rule shall establish an application process and an application timeline for license applications under this act.
(4) A person may continue to engage in the business of providing deferred presentment service transactions in this state after June 1, 2006 and without a license until 1 of the following occurs:
(a) The person fails to meet its applications deadline.
(b) The commissioner acts on the person's complete application.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 487.2131
What does Michigan Compiled Laws § 487.2131 cover?
Section 487.2131 ("Business of providing deferred presentment service transactions; license required; scope of act; application process and timeline; bulletin, order, or rule.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 487.2131?
A common citation format is "Michigan Compiled Laws § 487.2131" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 487.2131 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.