445.271 Definitions. Sec. 1. As used in this act: (a) “Adverse information” means information indicating that the cosigner has not complied with the contractual provisions of an obligation. (b) “Collection action” means requesting a cosigner to pay all or part of the obligation. (c) “Cosigner” means a natural person who renders himself or herself liable […]
445.272 Reporting adverse information about cosigner; notice; response; prohibition. Sec. 2. (1) Before reporting adverse information about a cosigner to a consumer reporting agency as defined in the fair credit reporting act, 15 U.S.C. 1681-1681t, concerning the obligation that was cosigned or providing any information regarding the cosigner’s obligation to a collection agency as defined […]
445.273 Action by cosigner; notice; statement; resolution. Sec. 3. (1) A cosigner who suffers loss as a result of a violation of this act may bring an action to recover actual damages or $250.00, whichever is greater, together with reasonable attorney’s fees. (2) Not less than 30 days prior to bringing an action as provided […]
