Michigan Fee Schedule — Deferred Presentment is a fee schedule set by the state of Michigan to regulate the fees associated with deferred presentment services. Deferred presentment services are short-term loan transactions in which a customer can receive cash in exchange for a check or other form of payment in the future. This type of loan is also known as a payday loan, cash advance loan, or deferred deposit loan. Under the Michigan Fee Schedule — Deferred Presentment, lenders are limited to charging fees of 15% of the face value of the check or other form of payment accepted, with a minimum charge of $25 and a maximum charge of $600. There are two different types of Michigan Fee Schedule — Deferred Presentment: (1) the Payday Loan Fee Schedule and (2) the Deferred Deposit Fee Schedule. The Payday Loan Fee Schedule applies to loans of up to $600 with a repayment period of 31 days or less. The Deferred Deposit Fee Schedule applies to loans of up to $2,500 with a repayment period that may exceed 31 days.