MCL - Act 162 of 1995


Act 162 of 1995

AN ACT to allow certain regulated lenders to charge interest for extensions of credit; to prescribe the powers and duties of certain state agencies and officials; to provide for remedies; and to prescribe penalties.

History: 1995, Act 162, Eff. Mar. 28, 1996

The People of the State of Michigan enact:
Document Type Description
Section 445.1851 Section Short title.
Section 445.1852 Section Definitions.
Section 445.1853 Section Scope of act.
Section 445.1854 Section Charge, collection, and receipt of interest rate or finance charge; maximum rate; computation.
Section 445.1855 Section Credit sale under MCL 445.1101 to 445.1431 or MCL 492.101 to 492.141; written agreement; precomputed interest provision.
Section 445.1856 Section Regulated lender; authority to charge fee for late payment or dishonored check; fee or charge not considered as interest; excessive fee or charge.
Section 445.1857 Section Fees or charges servicing extension of credit; charge, collection, and receipt by depository institution; credit card arrangement fees and charges considered as interest; excessive fee or charge.
Section 445.1858 Section Certain provisions in written agreement as void and unenforceable.
Section 445.1859 Section Additional financial services as condition for loan approval prohibited; offer of services; certain transactions or requirements not prohibited; applicability of section to depository institution subject to 12 U.S.C. 1972; definitions.
Section 445.1860 Section Written complaint alleging violation of act; duty of commissioner.
Section 445.1861 Section Action by attorney general, prosecuting attorney, or borrower; recovery of interest or other charges; attorney fees and court costs; class action.
Section 445.1862 Section Violation of act; exceptions.
Section 445.1863 Section Enforcement of other laws not limited.
Section 445.1864 Section Validity of transactions, rates of interest, fees, or charges.