Bill Text: MI SB0728 | 2017-2018 | 99th Legislature | Engrossed
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-Engrossed.html
SB-0728, As Passed Senate, May 8, 2018
SUBSTITUTE FOR
SENATE BILL NO. 728
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 officers and entities; to provide for the
promulgation
of rules; and to provide for fines remedies and
penalties.
Senate Bill No. 728 as amended May 3, 2018
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)
"<<CreditBeginning December 28, 1984, "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
Senate Bill No. 728 as amended May 3, 2018
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.
<<Enacting section 2. Section 1(d), as amended by this amendatory act, applies retroactively.>>
