STATE OF MICHIGAN DEPARTMENT OF COMMERCE FINANCE INSTITUTIONS BUREAU

STATE OF MICHIGAN DEPARTMENT OF COMMERCE FINANCE INSTITUTIONS BUREAU

IN RE: REQUEST BY OAK BROOK/CASH NOW PARTNERS d/b/a MONEY CONNECTION FOR A DECLARATORY RULING FROM THE APPLICABILITY OF THIS REGULATORY LOAN ACT OF 1963, AS AMENDED, TO CERTAIN TRANSACTIONS.

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Oak Brook/Cash Now Partners d/b/a Cash Connection (“Cash Connection”) is a company that runs within the greater Detroit that is metropolitan area. Its main activity is cashing checks for a cost, as well as other ancillary services include issuance of cash requests, giving and getting Western Union cash transfers, along with other associated solutions. Money Connection has requested a ruling on solution that is a variation on its check cashing company.

With its normal check cashing company money Connection will cash payroll, federal federal government, and individual checks for the cost of 10% associated with the level of the check. Cash Connection has inquired about an expansion of its check that is personal cashing to a site referred to as “Payday Advance.” The pay day loan transaction, as described by money Connection, varies from the check that is normal deal for the reason that there is a dental contract to carry a present-dated look for a time period of as much as fourteen days. The check is held as the cabinet has funds that are insufficient his / her account in the time the check is exchanged for money, but guarantees to possess funds inside the or her account from the agreed upon date, the client’s next payday, that the check would be presented for re re payment. Because of this additional service one more 5% cost could be charged. The typical deal would be for $100.00, and would not surpass $500.00. Continue reading “STATE OF MICHIGAN DEPARTMENT OF COMMERCE FINANCE INSTITUTIONS BUREAU”