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) […]
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 […]
493.103 Application for license; oath; form; contents; fees; net worth requirements; rules. Sec. 3. (1) An application for a license under this act shall be in writing, under oath, and in the form prescribed by the commissioner. (2) The application shall state the name, residence, and business addresses of the applicant; if the applicant is […]
493.104 Investigation; finding; issuance of license; refusal to issue license; expiration of license. Sec. 4. (1) Upon the filing of an application and the payment of the required fees, the commissioner shall investigate the facts. If the commissioner finds that the financial responsibility, experience, character, and general fitness of the applicant, and of the applicant’s […]
493.105 Duties of commissioner upon refusal to issue license. Sec. 5. If the commissioner refuses to issue a license, the commissioner shall: (a) Notify the applicant of the denial and of the applicant’s right to request a hearing within 10 days. (b) If the applicant does not request a hearing, return the sum paid as […]
493.106 Suspension, revocation, or refusal to renew license; notice; grounds; surrender of license; duration of license; reinstatement or issuance of new license; preexisting lawful contracts. Sec. 6. (1) The commissioner may suspend, revoke, or refuse to renew a license. The commissioner shall give the licensee 10 days’ notice in writing, forwarded by certified mail to […]
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, […]
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) […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
