2010 Michigan Compiled Laws
Chapter 487 - FINANCIAL INSTITUTIONS
Act 244 of 2005 - DEFERRED PRESENTMENT SERVICE TRANSACTIONS ACT (487.2121 - 487.2173)
244-2005-3 - ARTICLE 3 (487.2151...487.2160)
Section 487.2159 - Agreements; maintenance; availability for examination; rejected applications.
DEFERRED PRESENTMENT SERVICE TRANSACTIONS ACT (EXCERPT)Act 244 of 2005
487.2159 Agreements; maintenance; availability for examination; rejected applications.
Sec. 39.
(1) A licensee shall maintain each deferred presentment service agreement until the expiration of 3 years after the date the deferred presentment service agreement is satisfied and make available for examination by the commissioner any deferred presentment service agreements and all related documents in its possession or control including, but not limited to, any applications, credit reports, employment verifications, or loan disclosure statements.
(2) A licensee shall preserve and keep available for examination by the commissioner all documents pertaining to a rejected application for a deferred presentment service transaction for any period of time required by law.
History: 2005, Act 244, Imd. Eff. Nov. 28, 2005
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