The State of Michigan seeks to establish a new multi-year contract for a compliance solution employed by the Office of Consumer Financing (OCF) for the Deferred Presentment (Payday Lending) licensees. The system needs to track all loans/money brought into those institutions ensuring they follow MI rules for those transactions. It also needs to track the training requirements for those licensees. After research, the State has determined that Catalis Regulatory & Compliance, LLC’s Web-Based Database System’s solution is the only product that can fulfill all requirements. The tool specifically needs to be able to regulate consumer finance entities. Research primarily returned software solutions for the licensees themselves to use to create/track loans, but did not find another solution that contained regulatory activities. The regulatory software for consumer finance, in general, that was found focused more on the policy and law tracking aspect. No other system was found that also specified tracking the loans written by deferred presentment/payday lenders and communicating metrics back to regulating entities, which is a critical requirement for the solution the State seeks.
