Section 493.15 – Contract in Compliance With Retail Installment Sales Act or Home Improvement Finance Act.
493.15 Contract in compliance with retail installment sales act or home improvement finance act. Sec. 15. A licensee may purchase a contract made in compliance with the retail installment sales act, 1966 PA 224, MCL 445.851 to 445.873, or the home improvement finance act, 1965 PA 332, MCL 445.1101 to 445.1431. History: 1939, Act 21, […]
Section 493.15a – Regulatory Loan Contract; Nonperformance by Borrower; Advances by Licensee; Termination of Insurance Upon Reinstatement of Contractual Duties by Borrower.
493.15a Regulatory loan contract; nonperformance by borrower; advances by licensee; termination of insurance upon reinstatement of contractual duties by borrower. Sec. 15a. (1) If a regulatory loan contract contains obligations by the borrower to perform certain duties pertaining to insuring or preserving collateral and the licensee, because of the borrower’s failure to perform these duties, […]
Section 493.16 – Repealed. 1978, Act 528, Eff. Mar. 30, 1979.
493.16 Repealed. 1978, Act 528, Eff. Mar. 30, 1979. Compiler’s Notes: The repealed section pertained to sale or assignment of wages as loans.
Section 493.17 – Assignment or Order for Payment of Compensation to Secure Loan Invalid; Validity of Chattel Mortgage or Lien on Household Goods; Married Borrower; Signatures; Written Assent of Spouse.
493.17 Assignment or order for payment of compensation to secure loan invalid; validity of chattel mortgage or lien on household goods; married borrower; signatures; written assent of spouse. 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 […]
Section 493.12c – False, Misleading, Deceptive, or Irresponsible Advertising; Report to Attorney General; Action to Restrain by Temporary or Permanent Injunction; Costs; Civil Penalty; Notice to Licensee; Assurance of Discontinuance; Violation Subject to Civil Penalty; Jurisdiction, Continuance of Cause, and Petition for Recovery of Civil Penalty; Effect of Action or Failure to Act by Commissioner.
493.12c False, misleading, deceptive, or irresponsible advertising; report to attorney general; action to restrain by temporary or permanent injunction; costs; civil penalty; notice to licensee; assurance of discontinuance; violation subject to civil penalty; jurisdiction, continuance of cause, and petition for recovery of civil penalty; effect of action or failure to act by commissioner. Sec. 12c. […]
Section 493.12d – Action to Enjoin Licensee From Advertising; Circuit Court.
493.12d Action to enjoin licensee from advertising; circuit court. Sec. 12d. A person may bring an action in the circuit court of the county in which an office of a licensee is located, or in the circuit court for Ingham county, to enjoin a licensee from advertising in violation of section 12a. History: Add. 1978, […]
Section 493.13 – Limitation on Amount of Loan and Interest Charge; Obligation Under More Than 1 Loan Contract; Computation and Payment of Charges; Loan Processing Fee; Fees; Amount Other Than or in Excess of Charges Permitted by Act; Penalties; “Open-End Credit” Defined.
493.13 Limitation on amount of loan and interest charge; obligation under more than 1 loan contract; computation and payment of charges; loan processing fee; fees; amount other than or in excess of charges permitted by act; penalties; “open-end credit” defined. Sec. 13. (1) A licensee may lend money and may contract for, compute, and receive […]
Section 493.13a – Credit Life Insurance; Other Insurance.
493.13a Credit life insurance; other insurance. Sec. 13a. (1) In addition to charges allowed under section 13, at the option of the borrower, a licensee may obtain or provide 1 or both of the following and deduct from the principal of a loan and retain an amount equal to the premium lawfully charged by the […]
Section 493.14 – Licensee; Duties.
493.14 Licensee; duties. Sec. 14. A licensee shall: (a) Deliver to the borrower a disclosure statement in compliance with 12 C.F.R. part 226. (b) Give to the borrower a plain and complete receipt for cash payments made on account of a loan at the time the payments are made, specifying the amount applied to charges […]
Section 493.14a – Compliance With Federal Consumer Credit Protection Act.
493.14a Compliance with federal consumer credit protection act. Sec. 14a. Compliance with the requirements of the consumer credit protection act, Public Law 90-321, 82 statute 146, commonly referred to as the federal truth in lending act is compliance with section 12 as to advertising, section 13a as to cost of insurance, and section 14. History: […]