"Serious allegations have been made that some licensees are ignoring the law and we have initiated an investigation," said Ross. "If we find violations, our priorities will be to make consumers whole and take whatever steps are necessary as provided in law." 

If the Commissioner finds that a company knowingly violated the Deferred Presentment Service Transaction s Act, he may order them to pay a civil fine of up to $50,000 for each violation , or revoke the deferred presentment license.

If Michigan consumers believe they have been a victim of this practice, they should contact OFIS toll-free at (877) 999-6442 or online at www.michigan.gov/ofis .

Currently, OFIS regulates and has licensed nearly 800 Michigan deferred presentment companies. Access to licensee information may be found at http://www.dleg.state.mi.us/fis/ind_srch/ConsumerFinance/Search.asp

To view the Deferred Presentment Service Transaction s Act, visit:http://www.legislature.mi.gov/documents/mcl/pdf/mcl-act-244-of-2005.pdf 

To view the Commissioner's order, visit: http://www.michigan.gov/documents/dleg/Deferred_Presentment_ Order_5_230545_7.pdf