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MI SB0843

Bill

Status

Introduced

3/3/2016

Primary Sponsor

David Robertson

Click for details

Origin

Senate

98th Legislature

AI Summary

  • Amends the Credit Services Protection Act to clarify that "buyer" and "credit services organization" definitions use "that" instead of "who" for grammatical consistency.

  • 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.

  • 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.

  • Clarifies that fees paid to credit services organizations for their services cannot be considered interest or charges on any related loan.

  • 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

Committee Referrals

Banking & Financial Institutions3/3/2016

Full Bill Text

No bill text available