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MI SB0843
Bill
AI Summary
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Amends the Credit Services Protection Act to clarify that "buyer" and "credit services organization" definitions use "that" instead of "who" for grammatical consistency.
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Modifies the definition of "credit services organization" to specify it "performs services that do or attempt to do" certain activities rather than "attempts to sell, provide, or perform" those services.
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Adds Section 3a authorizing credit services organizations to accept fees or charges for providing credit improvement, credit extension, foreclosure advice, and related services to consumers.
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Clarifies that fees paid to credit services organizations for their services cannot be considered interest or charges on any related loan.
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Takes effect 90 days after enactment into law.
Legislative Description
Consumer credit; other; credit services protection act; modify certain definitions. Amends secs. 2 & 3 of 1994 PA 160 (MCL 445.1822 & 445.1823) & adds sec. 3a.
Financial institutions: generally
Last Action
Referred To Committee On Banking And Financial Institutions
3/3/2016