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2006 Michigan Compiled Laws - Act 162 of 1995


CREDIT REFORM ACT

Act 162 of 1995

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




The People of the State of Michigan enact:

DocumentDescription
Section 445.1851Short title.
Section 445.1852Definitions.
Section 445.1853Scope of act.
Section 445.1854Charge, collection, and receipt of interest rate or finance charge; maximum rate; computation.
Section 445.1855Credit sale under §§ 445.1101 to 445.1431 or §§ 492.101 to 492.141; written agreement; precomputed interest provision.
Section 445.1856Regulated lender; authority to charge fee for late payment or dishonored check; fee or charge not considered as interest; excessive fee or charge.
Section 445.1857Fees 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.
Section 445.1858Certain provisions in written agreement as void and unenforceable.
Section 445.1859Additional 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.
Section 445.1860Written complaint alleging violation of act; duty of commissioner.
Section 445.1861Action by attorney general, prosecuting attorney, or borrower; recovery of interest or other charges; attorney fees and court costs; class action.
Section 445.1862Violation of act; exceptions.
Section 445.1863Enforcement of other laws not limited.
Section 445.1864Validity of transactions, rates of interest, fees, or charges.

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