HB 4906
Consumer credit: collection practices; requirements for location of trust accounts; clarify. Amends sec. 909 of 1980 PA 299 (MCL 339.909).
Take action
Record your position on this measure.
Sign in to record your position, submit testimony, or contact your legislator.
Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill clarifies rules for collection agencies in Michigan regarding how they manage money collected from debtors. Specifically, it requires collection agencies to maintain separate trust accounts within certain financial institutions and ensures these accounts are located in Michigan if the agency initiates collection activities here. The bill also outlines restrictions on how funds can be disbursed from these trust accounts, prioritizing payments to debtors and limiting withdrawals by the collection agency.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Cosponsors
Douglas Wozniak
Gregory Alexander
Arguments in favor
Reasons to support this legislation.
No arguments in favor have been submitted.
Submit yoursArguments opposed
Reasons to oppose this legislation.
No arguments opposed have been submitted.
Submit yoursRead the latest version inline or switch to a previous version.