CREDIT REFORM ACT DEFINITION H.B. 6021 (H-1): FLOOR ANALYSIS
House Bill 6021 (Substitute H-1 as reported without amendment) Sponsor: Representative Gary L. Randall
House Committee: Commerce
Senate Committee: Financial Services
The bill would amend the Credit Reform Act to revise the definition of “excessive fee or charge”. Under the Act, excessive fee or charge means a fee or charge that exceeds amounts allowed under the Act or any other law or statute. The bill specifies that the definition would be limited to other “applicable” laws or statutes “of this state”.
MCL 445.1852 Legislative Analyst: P. Affholter
The bill would have no fiscal impact on State or local government.
Date Completed: 9-26-96 Fiscal Analyst: M. Tyszkiewicz
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This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.