HOUSE BILL NO. 6057

August 06, 2020, Introduced by Reps. Brenda Carter, Kuppa, Hood, Ellison, Tyrone Carter, Cynthia Johnson, Kennedy, Koleszar, Haadsma, Garza, Sowerby and Rabhi and referred to the Committee on Government Operations.

A bill to amend 1939 PA 21, entitled

"Regulatory loan act,"

by amending section 17 (MCL 493.17), as amended by 2001 PA 270.

the people of the state of michigan enact:

Sec. 17. (1) An assignment of, or order for payment of, salary, wages, commissions, or other compensation for services, earned or to be earned, given to secure a loan made by a licensee under this act, shall is not be valid. A chattel mortgage or other lien on household goods then in the possession and use of the a borrower shall is not be valid unless it is in writing and signed in person by the borrower.

(2) If the a borrower is married, a chattel mortgage or other lien on household goods shall is not be valid unless it is signed in person by both husband and wife. spouses. The written assent of a spouse under this section shall is not be required when husband and wife the spouses have been living separate and apart for a period of not less than 5 months before the making of the chattel mortgage or other lien.

Enacting section 1. This amendatory act does not take effect unless Senate Joint Resolution ____ or House Joint Resolution T (request no. 02690'19) of the 100th Legislature becomes a part of the state constitution of 1963 as provided in section 1 of article XII of the state constitution of 1963.