Michigan law says a borrower with eight deferred-presentment transactions with any licensee in a 12-month period can request installment repayment. The request must be made within 30 days after maturity at the lender’s place of business.
The count spans licensees, so keep a dated list of agreements and payoffs. If you reach the threshold and cannot pay in full, make the request promptly and retain proof of delivery.
Michigan requires a prominent fee schedule and notice before a transaction. Contact the Department of Insurance and Financial Services about a missing notice or refused installment request, with your records and dates.
Official reference: Michigan Legislature — MCL § 487.2151. Checked November 11, 2026.