Michigan Compiled Laws Act 266 Of 1995 Credit Card Transactions (129.241 - 129.247)

AN ACT to authorize and regulate credit card transactions involving local units of government, including the use of credit cards by officers and employees of local units of government; and to provide for powers and duties of certain state and local agencies, officers, and employees.

History: 1995, Act 266, Eff. July 8, 1996

Section 129.241 Definitions.
As used in this act: (a) “Budget” means a plan of financial operation for a given period of time, including an estimate of all...
Section 129.242 Credit Card Arrangement; Use Of Credit Cards.
(1) Subject to sections 3 and 5, the governing body of a local unit may enter into a credit card arrangement. (2) A credit...
Section 129.243 Adoption Of Resolution; Written Policy; Provisions.
A local unit shall not be a party to a credit card arrangement unless the governing body of the local unit has adopted by...
Section 129.244 Total Combined Authorized Credit Limit; Limitation; Payment Of Balance, Annual Fee, And Interest.
(1) The total combined authorized credit limit of all credit cards issued by a local unit shall not exceed 5% of the total budget...
Section 129.245 Limiting Or Suspending Authority To Issue And Use Credit Cards; Issuance Of Order; Hearing.
After a hearing conducted under the administrative procedures act of 1969, Act No. 306 of the Public Acts of 1969, being sections 24.201 to...
Section 129.246 Validity Of Credit Card Arrangement Before Effective Date Of Act.
A credit card arrangement entered into by a local unit before the effective date of this act is valid but may not be used...
Section 129.247 Effective Date.
This act shall take effect 6 months after the date of its enactment. History: 1995, Act 266, Eff. July 8, 1996

Last modified: October 10, 2016