Bill Text: MI HB6258 | 2017-2018 | 99th Legislature | Engrossed


Bill Title: Crimes; credit cards; crimes involving credit cards; include cryptocurrency and distributed ledger technology in definition section of credit chapter in penal code. Amends sec. 157m of 1931 PA 328 (MCL 750.157m).

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Engrossed) 2018-12-06 - Referred To Committee On Judiciary [HB6258 Detail]

Download: Michigan-2017-HB6258-Engrossed.html

HB-6258, As Passed House, December 5, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HOUSE BILL No. 6258

 

 

June 12, 2018, Introduced by Rep. Guerra and referred to the Committee on Law and Justice.

 

     A bill to amend 1931 PA 328, entitled

 

"The Michigan penal code,"

 

by amending section 157m (MCL 750.157m), as amended by 1988 PA 335.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 157m. As used in this chapter:

 

     (a) "Credit account" means the account through which a

 

business organization or financial institution allows a person or

 

organization to obtain goods, property, services, or any other

 

thing of value on credit.

 

     (b) (a) "Credit card" means either of the following:

 

     (i) Any instrument or device which is sold, issued, or

 

otherwise distributed by a business organization or financial

 

institution for the use of the person or organization identified on


the instrument or device for obtaining goods, property, services,

 

or anything of value on credit.

 

     (ii) An instrument or device which is issued or otherwise

 

distributed by an organization for the use of the person identified

 

on the instrument or device for obtaining health care services or

 

goods or reimbursement or payment for health care services or

 

goods. As used in this subparagraph, "organization" means any of

 

the following:

 

     (A) A dental care corporation incorporated under Act No. 125

 

of the Public Acts of 1963, being sections 1963 PA 125, MCL 550.351

 

to 550.373. of the Michigan Compiled Laws.

 

     (B) A health care corporation incorporated under the nonprofit

 

health care corporation reform act, Act No. 1980 PA 350, of the

 

Public Acts of 1980, being sections MCL 550.1101 to 550.1704. of

 

the Michigan Compiled Laws.

 

     (C) A health maintenance organization licensed under article

 

17 of the public health code, Act No. 1978 PA 368, of the Public

 

Acts of 1978, being sections MCL 333.20101 to 333.22181 of the

 

Michigan Compiled Laws.333.22260.

 

     (D) An insurer as defined in section 106 of the insurance code

 

of 1956, Act No. 1956 PA 218, of the Public Acts of 1956, being

 

section MCL 500.106. of the Michigan Compiled Laws.

 

     (E) A third party administrator operating under a certificate

 

of authority issued by the commissioner pursuant to the third party

 

administrator act, Act No. 1984 PA 218, of the Public Acts of 1984,

 

being sections MCL 550.901 to 550.962 of the Michigan Compiled

 

Laws.550.960.


     (b) "Deposit account" includes share, deposit, member, and

 

savings accounts of financial institutions.

 

     (c) "Credit account" means the account through which a

 

business organization or financial institution allows a person or

 

organization to obtain goods, property, services, or any other

 

thing of value on credit.

 

     (c) "Cryptocurrency" means digital currency in which

 

encryption techniques are used to regulate the generation of units

 

of currency and verify the transfer of funds, and that operates

 

independently of a central bank.

 

     (d) "Deposit account" includes share, deposit, member, and

 

savings accounts of financial institutions.

 

     (e) (d) "Deviceholder" means either of the following:

 

     (i) The person or organization who requests a financial

 

transaction device and to whom or for whose benefit a financial

 

transaction device is subsequently issued.

 

     (ii) The person or organization to whom a financial

 

transaction device was issued and who used or accepted a financial

 

transaction device, whether the issuance of the financial

 

transaction device was requested or not.

 

     (f) "Distributed ledger technology" means any distributed

 

ledger protocol and supporting infrastructure, including

 

blockchain, that uses a distributed, decentralized, shared, and

 

replicated ledger, whether use of the ledger is public or private,

 

permissioned or permissionless, and that may include the use of

 

electronic currencies or electronic tokens as a medium of

 

electronic exchange.


     (g) (e) "Financial institution" means a bank, savings and loan

 

association, or credit union, and includes a corporation wholly

 

owned by a financial institution or by the holding company parent

 

of a financial institution.

 

     (h) (f) "Financial transaction device" means any of the

 

following:

 

     (i) An electronic funds transfer card.

 

     (ii) A credit card.

 

     (iii) A debit card.

 

     (iv) A point-of-sale card.

 

     (v) Any instrument, device, card, plate, code, account number,

 

personal identification number, or a record or copy of a code,

 

account number, or personal identification number or other means of

 

access to a credit account or deposit account including through the

 

use of cryptocurrency or distributed ledger technology, or a

 

driver's driver license or state identification card used to access

 

a proprietary account, other than access originated solely by a

 

paper instrument, that can be used alone or in conjunction with

 

another access device, for any of the following purposes:

 

     (A) Obtaining money, cash refund or credit account, credit,

 

goods, services, or any other thing of value.

 

     (B) Certifying or guaranteeing to a person or business the

 

availability to the deviceholder of funds on deposit to honor a

 

draft or check payable to the order of that person or business.

 

     (C) Providing the deviceholder access to a deposit account for

 

the purpose of making deposits, withdrawing funds, transferring

 

funds between deposit accounts, obtaining information pertaining to


a deposit account, or making an electronic funds transfer as

 

defined in section 3(4) of Act No. 1978 PA 322, of the Public Acts

 

of 1978, being section MCL 488.3. of the Michigan Compiled Laws.

 

     (i) (g) "Proprietary account" means the account which is

 

maintained by a business organization in the name of an individual

 

person or organization and through which the business organization

 

allows the person or organization to obtain goods, property,

 

services, or any other thing of value on credit.

 

     Enacting section 1. This amendatory act takes effect 90 days

 

after the date it is enacted into law.

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