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.
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 the cost, along with other ancillary solutions include issuance of cash purchases, giving and getting Western Union cash transfers, and other relevant solutions. Money Connection has required 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 government, and individual checks for the cost of 10% of this quantity of the check. Money Connection has inquired about an expansion of the individual check cashing procedure to a site referred to as “Payday Advance.” The wage advance transaction, as described by Cash Connection, varies from the check that is normal deal for the reason that there is an dental contract to keep a present-dated search for a time period of as much as week or two. The check is held due to the fact cabinet has inadequate funds in their account in the time the check is exchanged for money, but guarantees to own funds inside the or her account from the agreed upon date, the consumer’s next payday, that the check is presented for re re re payment. With this additional service an extra 5% charge could be charged.