Section 493.109 – Books, Accounts, and Records; Maintenance, Preservation, and Availability; Audit; Cost.
493.109 Books, accounts, and records; maintenance, preservation, and availability; audit; cost. Sec. 9. (1) A licensee shall maintain records relating to all transactions under this act so that the commissioner may enforce full compliance with this act. Books and accounts kept at the licensee’s principal place of business shall be made available to the commissioner […]
Section 493.110 – Maximum Interest; Computation; Fee; Offer of Loan or Credit in Connection With Other Accounts, Services, or Similar Agreements; Prohibited Conditions.
493.110 Maximum interest; computation; fee; offer of loan or credit in connection with other accounts, services, or similar agreements; prohibited conditions. Sec. 10. (1) On a loan made or credit extended pursuant to a credit card arrangement, a licensee may collect interest not to exceed 1.5% of the unpaid balance per month. The interest shall […]
Section 493.111 – Truth in Lending Act; Disclosures, Information, and Notices; Applicability.
493.111 Truth in lending act; disclosures, information, and notices; applicability. Sec. 11. (1) A licensee shall make or give to the consumer the disclosures, information, and notices required by the truth in lending act for a credit card arrangement that is governed by this act. (2) To the extent that the truth in lending act […]
Section 493.112 – Wilful and Intentional Violation as Misdemeanor; Conduct Barring Recovery and Entitling Consumer to Attorney Fees and Court Costs; Authorized Actions.
493.112 Wilful and intentional violation as misdemeanor; conduct barring recovery and entitling consumer to attorney fees and court costs; authorized actions. Sec. 12. (1) Any licensee who wilfully and intentionally violates this act shall be guilty of a misdemeanor. (2) Any licensee who enters into a credit card arrangement which does not comply with sections […]
Section 493.113 – Rules.
493.113 Rules. Sec. 13. The commissioner may promulgate rules pursuant to the administrative procedures act of 1969, Act No. 306 of the Public Acts of 1969, being sections 24.201 to 24.315 of the Michigan Compiled Laws, as necessary for the administration and enforcement of this act. History: 1984, Act 379, Imd. Eff. Dec. 28, 1984 […]
Section 493.114 – Exemptions; Credit Card or Charge Card Issued Prior to Effective Date of Act.
493.114 Exemptions; credit card or charge card issued prior to effective date of act. Sec. 14. (1) A state or national bank, state or federal savings and loan association, state or federal credit union, or a retail seller or other creditor under Act No. 224 of the Public Acts of 1966, being sections 445.851 to […]
Section 493.107 – Investigations and Examination of Books, Accounts, Records, and Files; Electronic Data Processing Not Prohibited; Establishment of Annual Fee Schedule; Fees Nonrefundable; Penalty; Disposition and Use of Fees and Expenses; Action for Recovery of Fees or Expenses.
493.107 Investigations and examination of books, accounts, records, and files; electronic data processing not prohibited; establishment of annual fee schedule; fees nonrefundable; penalty; disposition and use of fees and expenses; action for recovery of fees or expenses. Sec. 7. (1) The commissioner may, at any time, make necessary investigations and examine the books, accounts, records, […]
Section 493.108 – Subpoena of Witnesses and Evidence; Oaths and Affirmations; Noncompliance; Order; Contempt.
493.108 Subpoena of witnesses and evidence; oaths and affirmations; noncompliance; order; contempt. Sec. 8. (1) The commissioner may subpoena witnesses and documents, papers, books, records, and other evidence, in any matter over which the commissioner has jurisdiction, control, or supervision. The commissioner may administer oaths and affirmations to a person whose testimony is required. (2) […]
Section 493.101 – Definitions.
493.101 Definitions. Sec. 1. As used in this act: (a) “Commissioner” means the director of the department of insurance and financial services or his or her authorized representative. (b) “Licensee” means a person that is licensed under this act. (c) “Person” means an individual, corporation, limited liability company, partnership, association, or other legal entity. (d) […]
Section 493.102 – Credit Card Arrangement; License Required; Terms and Conditions.
493.102 Credit card arrangement; license required; terms and conditions. Sec. 2. (1) Except for a person licensed under the consumer financial services act, a person shall not make or negotiate, or offer to make or negotiate, a credit card arrangement unless that person is licensed as provided in this act. (2) A licensee shall not […]