CREDIT REFORM ACT
Act 162 of 1995
AN ACT to allow certain regulated lenders to charge interest for extensions of credit; to prescribe the powers and duties of certain state agencies and officials; to provide for remedies; and to prescribe penalties.
History: 1995, Act 162, Eff. Mar. 28, 1996
© 2009 Legislative Council, State of Michigan
The People of the State of Michigan enact:
| Section 445.1851 | Section | Short title. |
| Section 445.1852 | Section | Definitions. |
| Section 445.1853 | Section | Scope of act. |
| Section 445.1854 | Section | Charge, collection, and receipt of interest rate or finance charge; maximum rate; computation. |
| Section 445.1855 | Section | Credit sale under MCL 445.1101 to 445.1431 or MCL 492.101 to 492.141; written agreement; precomputed interest provision. |
| Section 445.1856 | Section | Regulated lender; authority to charge fee for late payment or dishonored check; fee or charge not considered as interest; excessive fee or charge. |
| Section 445.1857 | Section | Fees or charges servicing extension of credit; charge, collection, and receipt by depository institution; credit card arrangement fees and charges considered as interest; excessive fee or charge. |
| Section 445.1858 | Section | Certain provisions in written agreement as void and unenforceable. |
| Section 445.1859 | Section | Additional financial services as condition for loan approval prohibited; offer of services; certain transactions or requirements not prohibited; applicability of section to depository institution subject to 12 U.S.C. 1972; definitions. |
| Section 445.1860 | Section | Written complaint alleging violation of act; duty of commissioner. |
| Section 445.1861 | Section | Action by attorney general, prosecuting attorney, or borrower; recovery of interest or other charges; attorney fees and court costs; class action. |
| Section 445.1862 | Section | Violation of act; exceptions. |
| Section 445.1863 | Section | Enforcement of other laws not limited. |
| Section 445.1864 | Section | Validity of transactions, rates of interest, fees, or charges. |