| Payday Advance Business in Michigan in Trouble
|A paycheck advance company had it's license revoked in Michigan after breaking several regulations regarding the state's laws on payday lending.
The Office of Financial and Insurance Regulation revoked the license of a business in Grand Rapids, Michigan after they failed to adhere to regulations involving proper reporting of transactions to the state as well as failing to close the customer's accounts once the transactions were finished. State law mandates that each customer can only have two open accounts at a time, at which point they would be unable to start another transaction. By leaving these accounts open, the business was violating state laws.
After receiving several complaints and violation notices as well as being fined, the business finally had it's license revoked and was shut down.
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