SENATE BILL NO. 415

August 20, 2019, Introduced by Senator NESBITT and referred to the Committee on Insurance and Banking.

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.

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.