Mich. Comp. Laws § 446.131
Short title.
This act shall be known and may be cited as the "refund anticipation loan act".
Michigan Compiled Laws — REFUND ANTICIPATION LOAN ACT (Act 67 of 2009)
Michigan · statute · 67 of 2009, Mich. Comp. Laws · 6 active provisions
Provisions
Mich. Comp. Laws § 446.133
Definitions of certain terms.
As used in this act, "facilitator", "lender", "person", and "refund anticipation loan fee" mean those terms as defined in the refund anticipation loan disclosure act.
Mich. Comp. Laws § 446.135
Refund anticipation loan; certain conduct by facilitator prohibited.
A facilitator that facilitates or offers to facilitate a refund anticipation loan shall not do any of the following: (a) Require a consumer to enter into a refund anticipation loan arrangement in order to complete a tax return. (b) Misrepresent a material factor or condition of granting a refund anticipation loan. (c)…
Mich. Comp. Laws § 446.137
Rescission.
A borrower who obtains a refund anticipation loan may rescind the refund anticipation loan, on or before the close of business on the business day following the day the loan is made, by returning the original check issued to the borrower for the loan or paying the amount of the refund anticipation loan by money order o…
Mich. Comp. Laws § 446.139
Violation as misdemeanor; penalty.
A person, including, but not limited to, a facilitator or a member, officer, director, agent, or employee of a facilitator, that violates or participates in a violation of this act is guilty of a misdemeanor punishable by a fine of not more than $500.00 or imprisonment for not more than 93 days, or both.
Mich. Comp. Laws § 446.141
Preemption.
A political subdivision of this state shall not adopt any rule, regulation, code, or ordinance to restrict or limit any requirements under this act relating to refund anticipation loans. This act supersedes and preempts any rule, regulation, code, or ordinance of any political subdivision of this state relating to refu…