HOUSE BILL No. 5479


     March 7, 2000, Introduced by Reps. Quarles, Basham, Rivet, Schermesser, Schauer, Hale, Clark, Daniels, Brewer, Richner,
Brater, Thomas, Rison, Kilpatrick, Stallworth, Scott, Kelly, Hardman, Toy, Kowall, Faunce, Bishop, Jamnick, Minore, Neumann,
Baird, Price, Birkholz, Cassis, Vear, Clarke, O'Neil, Jacobs, Dennis, Switalski and Lemmons and referred to the Committee on
Insurance and Financial Services.


        A bill to amend 1984 PA 379, entitled

   "An act to define and regulate certain credit card transactions,
   agreements, charges, and disclosures; to prescribe the powers and
   duties of the financial institutions bureau and certain state
   agencies; to provide for the promulgation of rules; and to pro-
   vide for fines and penalties,"

   by amending section 11 (MCL 493.111).

               THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 1
           Sec. 11.  (1) A licensee shall  make or give  PROVIDE to the

 2
      consumer the disclosures, information, and notices required by

 3
      the truth in lending act for a credit card arrangement.  that is

 4
      governed by this act. 

 5
           (2)  To the extent that  IF the truth in lending act does

 6
      not impose  duties or obligations upon a person for an account 

 7
      REQUIREMENTS UPON A LICENSEE FOR A CREDIT CARD ARRANGEMENT

 8
      established for personal, household, or family purposes,  in a

 9
      credit card arrangement that is governed by this act, the person


   05426'99                                                 SAT
                                              2

 1
      shall make or give to  THE LICENSEE SHALL PROVIDE the consumer

 2
      THE SAME disclosures, information, and notices  in accordance

 3
      with the federal truth in lending act with respect to the credit

 4
      transaction  REQUIRED UNDER SUBSECTION (1).

 5
           (3)  The truth in lending act shall apply to a credit trans-

 6
      action for which this act authorizes the collection of charges or

 7
      interest notwithstanding its inclusion in a class of transactions

 8
      within this state which, by regulation of the board of governors

 9
      of the federal reserve system, is exempt from the truth in lend-

10
      ing act.  A LICENSEE SHALL NOT REPORT TO ANY CREDIT BUREAU OR

11
      CREDIT REPORTING ENTITY ANY INFORMATION REGARDING AN INDIVIDUAL

12
      EXCEPT FOR AN INDIVIDUAL WHO HAS SIGNED THE CREDIT CARD

13
      ARRANGEMENT.































   05426'99          Final page.                            SAT