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MI SB0931
Bill
AI Summary
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Amends the Credit Services Protection Act (1994 PA 160) to modify the definition of "credit services organization" and its exemptions.
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Changes grammatical language from "who" to "that" in section (c)(i) regarding licensed lenders, and restructures references to Michigan statutes using updated citations (1966 PA 326, MCL 438.31-438.33).
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Updates statutory references for the Occupational Code, Debt Management Act, Uniform Securities Act, and Fair Credit Reporting Act to use modernized citation formats (e.g., 1980 PA 299, MCL 339.101-339.2919).
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Adds a new exemption (c)(xi) for foreclosure consultants and equity purchasers subject to the Foreclosure Protection Act from being classified as credit services organizations.
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Includes a tie-bar provision making this act effective only if Senate Bill No. 930 of the 95th Legislature is also enacted into law.
Legislative Description
Trade; consumer goods and services; certain mortgage foreclosure consultants and foreclosure consulting contracts; exempt from credit services protection act. Amends sec. 2 of 1994 PA 160 (MCL 445.1822). TIE BAR WITH: SB 0930'09
Consumer protection, unfair trade practices
Last Action
Referred To Committee On Banking And Financial Institutions
10/21/2009