"CREDIT CARD ARRANGEMENT"                                                             S.B. 1055 (S-1):

                                                                                                    SUMMARY OF BILL

                                                                                                  ON THIRD READING

Senate Bill 1055 (Substitute S-1 as reported by the Committee of the Whole)

Sponsor:  Senator Peter MacGregor

Committee:  Banking and Financial Institutions

CONTENT

The bill would amend Public Act 379 of 1984, which governs certain credit card transactions, agreements, and disclosures, to modify the definition of certain terms.

The Act defines "credit card arrangement" as 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 the Act. Under the bill, the term would mean an unsecured loan or unsecured extension of credit 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 the Act.

"Person" means an individual, corporation, partnership, association, or other legal entity. Under the bill, this definition would include a limited liability company.

MCL 493.101                                                                   Legislative Analyst:  Jeff Mann

FISCAL IMPACT

The bill would have no fiscal impact on State or local government.

Date Completed:  12-1-16                                               Fiscal Analyst:  Michael Siracuse

This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.