Michigan · statute · 379 of 1984, Mich. Comp. Laws · 14 active provisions
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…
(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 make or offer to make a credit card arrangement except on the terms…
(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 a partnership or association, of each member; and if a corporation, of each o…
(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 members if the applicant is a partnership or associat…
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 a license fee. (c) If the applicant requests a hearing, give notice of…
(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 the principal place of business of the licensee, stating the contemplated action and in general the reason for that action. The licensee shall also…
(1) The commissioner may, at any time, make necessary investigations and examine the books, accounts, records, and files of the licensee. This section shall not be construed to prohibit keeping of records by electronic data processing methods. A licensee shall pay an examination fee for examination of its records condu…
(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) If a person fails to comply with…
(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 upon request or the licensee shall pay for an examiner t…
(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 not be precomputed but computed from time to time on the basis of the unpaid balances. In addition to collecting the interest permitted by t…
(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 does not impose duties or obligations upon a person for an account established for…
(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 10 and 11 or who violates section 10 or 11, except as a result of accidental or bona fide error, is barred from the recovery…
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.
(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 445.873 of the Michigan Compiled Laws, shall not be subject to the provisions of this act except that,…