Bill Text: MI SB0415 | 2019-2020 | 100th Legislature | Chaptered

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Bill Title: Financial institutions: credit cards; credit card arrangements act; modify definitions and update title. Amends title & sec. 1 of 1984 PA 379 (MCL 493.101).

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2020-04-07 - Assigned Pa 0076'20 With Immediate Effect [SB0415 Detail]

Download: Michigan-2019-SB0415-Chaptered.html

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Act No. 76

Public Acts of 2020

Approved by the Governor

April 2, 2020

Filed with the Secretary of State

April 2, 2020

EFFECTIVE DATE: April 2, 2020

state of michigan

100th Legislature

Regular session of 2020

Introduced by Senator Nesbitt

ENROLLED SENATE BILL No. 415

AN ACT to amend 1984 PA 379, entitled “An act to define and regulate certain credit card transactions, agreements, charges, and disclosures; to prescribe the powers and duties of the financial institutions bureau and certain state agencies; to provide for the promulgation of rules; and to provide for fines and penalties,” by amending the title and section 1 (MCL 493.101).

The People of the State of Michigan enact:

TITLE

An act to define and regulate certain credit card transactions, agreements, charges, and disclosures; to provide for the powers and duties of certain state officers and entities; to provide for the promulgation of rules; and to provide remedies and penalties.

 

Sec. 1. As used in this act:

(a) “Commissioner” means the director of the department of insurance and financial services or his or her authorized representative.

(b) “Licensee” means a person that is licensed under this act.

(c) “Person” means an individual, corporation, limited liability company, partnership, association, or other legal entity.

(d) “Credit card arrangement” means a loan or extension of credit that meets all of the following:

(i) Is unsecured.

(ii) Is made for a personal, family, or household purpose.

(iii) Is made to the holder of a credit card or charge card who is an individual.

(iv) Requires use of a credit card or charge card authorized under this act to access the proceeds of the loan or extension of credit.

(e) “Credit card” or “charge card” means any card or device that is issued by a licensee under a credit card arrangement that allows the cardholder to obtain credit from the card issuer or any other person to purchase or lease property or services, obtain a loan or credit, or for any other purpose.

(f) “Truth in lending act” means the truth in lending act, 15 USC 1601 to 1667f.

This act is ordered to take immediate effect.

 

 

Secretary of the Senate

 

Clerk of the House of Representatives

Approved___________________________________________

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Governor