Items Tagged with 'Department of Insurance and Financial Services'

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‘Payday’ loans aren’t loans under Michigan law

They are not subject to the legal limits on loan interest rates in Michigan.

June 26, 2015
The so-called payday lenders in Michigan are subject to state law and regulated by the Michigan Department of Insurance and Financial Services, but they are not subject to the legal maximum interest rates established by state law. Read More

Attorney General claims Western Sky borrowers due refunds

Approximately 17,500 in Michigan borrowed from the online lender at interest as high as 300 percent.

June 26, 2015
Michigan’s Department of Insurance and Financial Services is asking the Michigan Credit Union League and other trade associations in the Michigan financial sector to help make sure their members know about refunds that may be due them from Western Sky Financial LLC. Read More

Consumers file over 3,100 complaints against insurers

July 12, 2013
Consumers across the state filed 3,184 complaints last year against insurance companies that do business in Michigan, according to a report released by the Department of Insurance and Financial Services late last month. Read More