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Financial Services Law Insights and Observations

Michigan directs licensees to provide Covid-19 response summary by March 20

State Issues Licensing Consumer Finance Covid-19 Michigan

State Issues

On March 18, the Michigan Department of Insurance and Financial Services circulated a notice to all Michigan consumer finance licensees and registrants requiring them to provide a summary of the actions that they have taken in response to the Covid-19 pandemic. The notice provides a series of questions for licensees and registrants to include in their summaries. The deadline for submitting the summary is 5:00 p.m. on March 20 (slightly more than 48 hours from the issuance of the notice). The summary must be submitted via email to DIFS-OCFInquiriesandInfo@michigan.gov.

However, we understand from DIFS personnel that an in-depth response is not expected, and that the agency is primarily concerned with understanding licensees’ and registrants’ plans so that they can better address related inquiries from consumers.