MI SB1055

Replaces the "commissioner of the financial institutions bureau of the department of commerce" with the "director of the department of insurance and financial services" and authorized representatives as the enforcing authority.

Expands the definition of "person" to explicitly include limited liability companies alongside individuals, corporations, partnerships, associations, and other legal entities.

Modifies the definition of "credit card arrangement" to specify that credit arrangements must be for personal, family, or household purposes.

Updates the reference to the Truth in Lending Act from "Public Law 90-321, 15 U.S.C. 1601 to 1667e" to "15 USC 1601 to 1667f" to reflect the current statutory citation.

Clarifies that credit cards must "allow the cardholder the privilege" of obtaining credit rather than using the phrase "which arrangement gives to a cardholder the privilege."