Bill Text: MI SB1055 | 2015-2016 | 98th Legislature | Engrossed

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Bill Title: Financial institutions; credit cards; credit card arrangements act; modify definition of credit card or charge card. Amends sec. 1 of 1984 PA 379 (MCL 493.101).

Spectrum: Partisan Bill (Republican 2-0)

Status: (Engrossed - Dead) 2016-12-01 - Referred To Committee On Financial Services [SB1055 Detail]

Download: Michigan-2015-SB1055-Engrossed.html

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SB-1055, As Passed Senate, December 1, 2016

 

 

 

 

 

 

 

 

 

 

 

 

SUBSTITUTE FOR

 

SENATE BILL NO. 1055

 

 

 

 

 

 

 

 

 

 

 

 

     A bill 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 section 1 (MCL 493.101).

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 1. As used in this act:

 

     (a) "Commissioner" means the commissioner of the financial

 

institutions bureau of the department of commerce and authorized

 

representatives of the commissioner.director of the department of

 

insurance and financial services and his or her authorized

 

representatives.

 

     (b) "Licensee" means a person licensed under this act.

 

Senate Bill No. 1055 as amended November 30, 2016

 

     (c) "Person" means an individual, corporation, limited

 

liability company, partnership, association, or other legal entity.

 

     (d) "Credit card arrangement" means an unsecured loan or

 

unsecured extension of credit <<        made to the holder of a

 

credit card or charge card which loan or extension of credit is

 

accessed in connection with a credit card or charge card authorized

 

by this act.for personal, family, or household purposes that is made to

 

the holder of a credit card or charge card which loan or extension of

 

credit is accessed in connection with a credit card or charge card

 

authorized by this act.

 

>> 

 

     (e) "Credit card" or "charge card" means any card or device

 

issued by a licensee under a credit card arrangement which

 

arrangement gives to a that allows the cardholder the privilege of

 

obtaining credit from the card issuer or any other person in

 

purchasing or leasing property or services, obtaining credit or

 

loans, or otherwise.

 

     (f) "Truth in lending act" means title I of the consumer

 

credit protection act, Public Law 90-321, 15 U.S.C. 1601 to 1667e.

 

the truth in lending act, 15 USC 1601 to 1667f.