Bill Text: MI SB0728 | 2017-2018 | 99th Legislature | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft
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: (Vetoed) 2018-12-28 - Vetoed By Governor 12/27/2018 [SB0728 Detail]

Download: Michigan-2017-SB0728-Introduced.html

 

 

 

 

 

 

 

 

 

 

 

 

 

SENATE BILL No. 728

 

 

December 13, 2017, Introduced by Senators MACGREGOR, O'BRIEN and HANSEN and referred to the Committee on Banking and Financial Institutions.

 

 

     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 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 prescribe

 

the powers and duties of the financial institutions bureau and

 

certain state agencies; to provide for the powers and duties of

 

certain state and local governmental officers and entities; to

 

provide for the promulgation of rules; and to provide for fines

 

remedies and penalties.

 

     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 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 an unsecured a loan or

 

unsecured 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.

 

which loan or extension of credit is accessed in connection with

 

     (iv) Requires use of a credit card or charge card authorized

 

by 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 which

 

arrangement gives to a cardholder the privilege of obtaining that

 

allows the cardholder to obtain credit from the card issuer or any

 

other person in purchasing or leasing to purchase or lease property

 

or services, obtaining obtain a loan or credit, or loans, or

 

otherwise.for any other purpose.

 

     (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.


     Enacting section 1. This amendatory act takes effect 90 days

 

after the date it is enacted into law.

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