SB-1055, As Passed Senate, December 1, 2016

SUBSTITUTE FOR

SENATE BILL NO. 1055

     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 provide

for fines and penalties,"

by amending section 1 (MCL 493.101).

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

     Sec. 1. As used in this act:

     (a) "Commissioner" means the commissioner of the financial

institutions bureau of the department of commerce and authorized

representatives of the commissioner.director of the department of

insurance and financial services and his or her authorized

representatives.

     (b) "Licensee" means a person licensed under this act.

Senate Bill No. 1055 as amended November 30, 2016

     (c) "Person" means an individual, corporation, limited

liability company, partnership, association, or other legal entity.

     (d) "Credit card arrangement" means an unsecured loan or

unsecured extension of credit <<for personal, family, or household

purposes that is made to the holder of a credit card or charge card which

loan or extension of credit is accessed in connection with a credit

card or charge card authorized by this act.

>>

     (e) "Credit card" or "charge card" means any card or device

issued by a licensee under a credit card arrangement which

arrangement gives to a that allows the cardholder the privilege of

obtaining credit from the card issuer or any other person in

purchasing or leasing property or services, obtaining credit or

loans, or otherwise.

     (f) "Truth in lending act" means title I of the consumer

credit protection act, Public Law 90-321, 15 U.S.C. 1601 to 1667e.

the truth in lending act, 15 USC 1601 to 1667f.