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Can I collect debit card information from participants in Michigan? What are the requirements?
Based on the information provided in the context documents, it appears that there are specific requirements for collecting debit card information from participants in Michigan.
License Requirement
According to MICL 493.102, a person must be licensed to make or negotiate a credit card arrangement in Michigan. This includes collecting debit card information from participants.
Application for License
To obtain a license, an application must be submitted under oath and in the form prescribed by the commissioner. The application must include the name, residence, and business addresses of the applicant, financial statements showing that the applicant’s net worth exceeds $1,000,000.00, and other information required by the commissioner. Additionally, an investigation fee and an annual license fee must be paid at the time of application and annually thereafter [2.4].
Truth in Lending Act
A licensee must make or give to the consumer the disclosures, information, and notices required by the truth in lending act for a credit card arrangement that is governed by this act. This includes debit card information [2.3].
Based on the above information, it is possible to collect debit card information from participants in Michigan, but a license is required and the licensee must comply with the Truth in Lending Act.
Source(s):
- [2.3] Truth in lending act; disclosures, information, and notices; applicability.
- [2.4] Application for license; oath; form; contents; fees; net worth requirements; rules.
Jurisdiction
Michigan