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MI HB6057
Bill
Status
8/6/2020
Primary Sponsor
Brenda Carter
Click for details
AI Summary
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Amends the Regulatory Loan Act (MCL 493.17) to make language gender-neutral by replacing "husband and wife" with "spouses" and "the" with "a" in references to borrowers.
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Clarifies that assignments of salary, wages, or compensation to secure loans from licensees are not valid.
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Requires chattel mortgages or liens on household goods to be in writing and signed in person by the borrower, or by both spouses if the borrower is married.
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Eliminates the requirement for spousal written assent when spouses have been living separate and apart for at least 5 months before the chattel mortgage or lien is created.
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Takes effect only if Senate Joint Resolution ____ or House Joint Resolution T (request no. 02690'19) becomes part of the Michigan Constitution.
Legislative Description
Financial institutions: other; certain references in the regulatory loan act; make gender neutral. Amends sec. 17 of 1939 PA 21 (MCL 493.17).
Family law: marriage and divorce
Last Action
Bill Electronically Reproduced 08/06/2020
8/12/2020