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MI SB1289
Bill
AI Summary
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Amends the Credit Services Protection Act (1994 PA 160) to update definitions related to credit services organizations and their exemptions.
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Changes reference from "debt management act, 1975 PA 148" to "uniform debt-management services act" in the list of entities exempt from credit services organization regulation.
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Revises language regarding subsidiaries of financial institutions from "any solely owned subsidiary" to "a wholly owned subsidiary" of banks, credit unions, savings institutions, and farm credit system entities.
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Takes effect 12 months after enactment, contingent upon Senate Bill 1288 of the 95th Legislature also being enacted into law.
Legislative Description
Consumer credit; other; enactment of uniform debt-management services act; make conforming change to credit services protection act. Amends sec. 2 of 1994 PA 160 (MCL 445.1822). TIE BAR WITH: SB 1288'10
Consumer protection, other
Last Action
Referred To Committee On Banking And Financial Institutions
4/27/2010