Michigan Compiled Laws Act 162 Of 1995 Credit Reform Act (445.1851 - 445.1864)

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

Section 445.1851 Short Title.
This act shall be known and may be cited as the “credit reform act”. History: 1995, Act 162, Eff. Mar. 28, 1996 Compiler's Notes:...
Section 445.1852 Definitions.
As used in this act: (a) “Borrower” means a person who obtains an extension of credit from a regulated lender. (b) “Commissioner” means the...
Section 445.1853 Scope Of Act.
This act does not authorize a regulated lender to make an extension of credit of a type that is not permitted by the act...
Section 445.1854 Charge, Collection, And Receipt Of Interest Rate Or Finance Charge; Maximum Rate; Computation.
(1) Except as provided in subsection (2), a regulated lender may charge, collect, and receive any rate of interest or finance charge for an...
Section 445.1855 Credit Sale Under Mcl 445.1101 To 445.1431 Or Mcl 492.101 To 492.141; Written Agreement; Precomputed Interest Provision.
The written agreement made in connection with a credit sale under the home improvement finance act, Act No. 332 of the Public Acts of...
Section 445.1856 Regulated Lender; Authority To Charge Fee For Late Payment Or Dishonored Check; Fee Or Charge Not Considered As Interest; Excessive Fee Or Charge.
(1) Except for depository institutions and as otherwise provided by law, a regulated lender may do any of the following: (a) Require the borrower...
Section 445.1857 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.
(1) In addition to the interest or finance charges that are authorized under section 4, a depository institution may charge, collect, and receive from...
Section 445.1858 Certain Provisions In Written Agreement As Void And Unenforceable.
Any of the following provisions contained in a written document made in connection with an extension of credit to an individual for personal, family,...
Section 445.1859 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.
(1) A regulated lender shall not require as a condition of approving a loan that the borrower contract for 1 or more additional financial...
Section 445.1860 Written Complaint Alleging Violation Of Act; Duty Of Commissioner.
Upon receipt of a written complaint alleging a violation of this act by a regulated lender, the commissioner shall do 1 of the following:...
Section 445.1861 Action By Attorney General, Prosecuting Attorney, Or Borrower; Recovery Of Interest Or Other Charges; Attorney Fees And Court Costs; Class Action.
(1) The attorney general, the prosecuting attorney for the county where an alleged violation occurred, or a borrower may bring an action against a...
Section 445.1862 Violation Of Act; Exceptions.
(1) A regulated lender is not liable for a violation of this act if the regulated lender has fully complied with the federal truth-in-lending...
Section 445.1863 Enforcement Of Other Laws Not Limited.
This act does not limit the authority of the commissioner, the attorney general, or a county prosecutor to enforce any law under which a...
Section 445.1864 Validity Of Transactions, Rates Of Interest, Fees, Or Charges.
This act does not impair the validity of a transaction, rate of interest, fee, or charge that is otherwise lawful. History: 1995, Act 162,...

Last modified: October 10, 2016