2006 Michigan Compiled Laws - Act 379 of 1984


Act 379 of 1984

AN ACT to define and regulate certain credit card transactions, agreements, charges, and disclosures; to prescribe the powers and duties of the financial institutions bureau and certain state agencies; to provide for the promulgation of rules; and to provide for fines and penalties.

History: 1984, Act 379, Imd. Eff. Dec. 28, 1984

The People of the State of Michigan enact:

Section 493.101Definitions.
Section 493.102Credit card arrangement; license required; terms and conditions.
Section 493.103Application for license; oath; form; contents; fees; net worth requirements; rules.
Section 493.104Investigation; finding; issuance of license; refusal to issue license; expiration of license.
Section 493.105Duties of commissioner upon refusal to issue license.
Section 493.106Suspension, revocation, or refusal to renew license; notice; grounds; surrender of license; duration of license; reinstatement or issuance of new license; preexisting lawful contracts.
Section 493.107Investigations and examination of books, accounts, records, and files; electronic data processing not prohibited; establishment of annual fee schedule; fees nonrefundable; penalty; disposition and use of fees and expenses; action for recovery of fees or expenses.
Section 493.108Subpoena of witnesses and evidence; oaths and affirmations; noncompliance; order; contempt.
Section 493.109Books, accounts, and records; maintenance, preservation, and availability; audit; cost.
Section 493.110Maximum interest; computation; fee; offer of loan or credit in connection with other accounts, services, or similar agreements; prohibited conditions.
Section 493.111Truth in lending act; disclosures, information, and notices; applicability.
Section 493.112Wilful and intentional violation as misdemeanor; conduct barring recovery and entitling consumer to attorney fees and court costs; authorized actions.
Section 493.113Rules.
Section 493.114Exemptions; credit card or charge card issued prior to effective date of act.

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