MI HB4890

Requires creditors to notify cosigners by first-class mail before reporting adverse credit information, providing information to collection agencies, or taking collection action against them when the primary obligor becomes delinquent or defaults

Mandates a minimum 30-day response period for cosigners after notice is sent to pay the amount due or make alternative arrangements with the creditor

Prohibits reporting adverse information about a cosigner who responds to the notice by paying or making satisfactory arrangements

Adds a comprehensive definition of "collection agency" directly into the statute, replacing the previous reference to the Occupational Code, including detailed exclusions for banks, credit unions, attorneys, and other entities collecting their own claims

Takes effect only if House Bill No. 4887 of the 103rd Legislature is also enacted into law