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MI SB1291
Bill
AI Summary
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Amends the Michigan Credit Union Act (2003 PA 215) to modify the definition of "debt management" in Section 102(k).
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Changes the definition from referencing the Debt Management Act (1975 PA 148) to defining debt management as "the planning and management of the financial affairs of a debtor and the receipt of money from the debtor for distribution to a creditor in payment or partial payment of the debtor's obligations."
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Updates the title of the financial regulator from "commissioner of the office of financial and insurance services" to "commissioner of the office of financial and insurance regulation in the department of energy, labor, and economic growth."
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Takes effect 12 months after enactment into law, but only if Senate Bill No. 1288 of the 95th Legislature is also enacted.
Legislative Description
Consumer credit; other; enactment of uniform debt-management services act; make conforming change to credit union act. Amends sec. 102 of 2003 PA 215 (MCL 490.102). TIE BAR WITH: SB 1288'10
Consumer protection, other
Last Action
Referred To Committee On Banking And Financial Institutions
4/27/2010