493.1 Short title; definitions. Sec. 1. (1) This act shall be known and may be cited as the “regulatory loan act”. (2) As used in this act: (a) “Advertising” means publishing or broadcasting, or causing to be published or broadcast, material that has been prepared for public distribution by means of newspapers, magazines, or electronic […]
493.10 Commissioner of state banking department; authority to investigate business and examine records; witnesses; examination of licensee; construction of section; disposition of fees. Sec. 10. (1) For the purpose of investigating violations of this act or securing information lawfully required under this act, the commissioner may at any time, either personally or by a designated […]
493.11 Books, accounts, and records of licensee; preservation and accessibility; filing financial statement with commissioner; reports. Sec. 11. (1) The licensee shall keep and use in the licensee’s business the books, accounts, and records the commissioner may require in order to determine whether the licensee is complying with this act and with the rules promulgated […]
493.12 Statements or representations by licensee; lien on real estate; confession of judgment or power of attorney prohibited; note or evidence of indebtedness; blanks; discrimination on basis of sex or marital status prohibited; knowingly permitting person to violate order; fee; conditions. Sec. 12. (1) A licensee or other person shall not advertise, print, display, publish, […]
493.12a False, misleading, deceptive, or irresponsible advertising unlawful; definition; requirements for advertising. Sec. 12a. (1) False, misleading, deceptive, or irresponsible advertising is unlawful and is defined as follows: (a) Advertising which lures, entices, induces, or tends to induce a person to incur a debt by unreasonably minimizing the consequences of assuming a legal repayment obligation […]
493.12b Repealed. 1991, Act 14, Eff. Oct. 1, 1991. Compiler’s Notes: The repealed section pertained to licensee promotional plans.
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. […]
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, […]
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 […]
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 […]
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 […]
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: […]
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, […]
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, […]
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.
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 […]
493.18 Unlicensed persons; limitation on interest, discount, or consideration; applicability of act to loans made in another state or country. Sec. 18. (1) A person, except as authorized by this act, shall not directly or indirectly charge, contract for, or receive an interest, discount, or consideration greater than the lender would be permitted by law […]
493.19 Violation as misdemeanor; penalty. Sec. 19. (1) A person, including a member, officer, director, agent, or employee of a licensee, who violates or participates in the violation of section 1, 12, 13, 14, or 18 is guilty of a misdemeanor punishable by a fine of not more than $500.00, or imprisonment for not more […]
493.1a Repealed. 2001, Act 270, Imd. Eff. Jan. 11, 2002. Compiler’s Notes: The repealed section pertained to short title.
493.2 Business of making loans; license required; application for license; oath; form and contents; fees; proof of net worth. Sec. 2. (1) Except as otherwise provided under this act, a person shall not engage in the business of making loans of money, credit, goods, or things in action and charge, contract for, or receive on […]
