SB 0748
Consumer protection: other; citations to the motor vehicle sales finance act in the credit reform act; revise. Amends secs. 2 & 5 of 1995 PA 162 (MCL 445.1852 & 445.1855). TIE BAR WITH: SB 0739'25
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Bill overview
This bill revises the Credit Reform Act by clarifying definitions used within the act. Specifically, it updates definitions related to ‘Borrower,’ ‘Commissioner,’ ‘Credit card arrangement,’ ‘Credit sale,’ and ‘Regulated lender,’ referencing the Motor Vehicle Sales Finance Act and the Home Improvement Finance Act. The bill also addresses provisions regarding excessive fees and charges and precomputed interest in credit agreements.
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