§ 445.1851 Short title
§ 445.1852 Definitions
§ 445.1853 Scope of act
§ 445.1854 Charge, collection, and receipt of interest rate or finance charge; maximum rate; computation
§ 445.1855 Credit sale under MCL 445.1101 to 445.1431 or MCL 492.101 to 492.141; written agreement; precomputed interest provision
§ 445.1856 Regulated lender; authority to charge fee for late payment or dishonored check; fee or charge not considered as interest; excessive fee or charge
§ 445.1857 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
§ 445.1858 Certain provisions in written agreement as void and unenforceable
§ 445.1859 Additional financial services as condition for loan approval prohibited; offer of services; certain transactions or requirements not prohibited; applicability of section to depository institution subj
§ 445.1860 Written complaint alleging violation of act; duty of commissioner
§ 445.1861 Action by attorney general, prosecuting attorney, or borrower; recovery of interest or other charges; attorney fees and court costs; class action
§ 445.1862 Violation of act; exceptions
§ 445.1863 Enforcement of other laws not limited
§ 445.1864 Validity of transactions, rates of interest, fees, or charges

Terms Used In Michigan Laws > Chapter 445 > Act 162 of 1995 - Credit Reform Act

  • Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
  • Adoptee: means the individual who is to be adopted, regardless of whether the individual is a child or an adult. See Michigan Laws 710.22
  • Adoption attorney: means an attorney acting as counsel in an adoption proceeding or case. See Michigan Laws 710.22
  • Adult former sibling: means an individual who is 18 years of age or older and is related to an adult adoptee either biologically or through adoption by at least 1 common parent, regardless of whether the adult former sibling ever lived in the same household as the adult adoptee. See Michigan Laws 710.22
  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • best interests of the child: means the sum total of the following factors to be considered, evaluated, and determined by the court to be applied to give the adoptee permanence at the earliest possible date:
  (i) The love, affection, and other emotional ties existing between the adopting individual or individuals and the adoptee or, in the case of a hearing under section 39 of this chapter, the putative father and the adoptee. See Michigan Laws 710.22
  • Born out of wedlock: means a child conceived and born to a woman who was not married from the conception to the date of birth of the child, or a child whom the court has determined to be a child born during a marriage but not the issue of that marriage. See Michigan Laws 710.22
  • Borrower: means a person who obtains an extension of credit from a regulated lender. See Michigan Laws 445.1852
  • Central adoption registry: means the registry established by the department under section 27b of this chapter to control the release of identifying adoption information. See Michigan Laws 710.22
  • Child: means an individual less than 18 years of age. See Michigan Laws 710.22
  • Child placing agency: means a private organization licensed under 1973 PA 116, MCL 722. See Michigan Laws 710.22
  • Commissioner: means the commissioner of the financial institutions bureau of the department of consumer and industry services. See Michigan Laws 445.1852
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Consent: means a document in which all parental rights over a specific child are voluntarily relinquished to the court for placement with a specific adoptive parent. See Michigan Laws 710.22
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Court: means the family division of circuit court of this state, or if the context requires, the court having jurisdiction over adoption in another state or country. See Michigan Laws 710.22
  • Credit card arrangement: means an extension of credit that is not secured by real property made to a cardholder of a credit card or charge card issued by a regulated lender under an arrangement that gives to a cardholder the privilege of obtaining credit from the regulated lender or any other person in purchasing or leasing property or services, obtaining credit or loans, or otherwise. See Michigan Laws 445.1852
  • Credit sale: means an extension of credit for the sale of goods or services by a seller that is subject to the home improvement finance act, Act No. See Michigan Laws 445.1852
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Department: means the department of health and human services. See Michigan Laws 710.22
  • Depository institution: means a bank, savings and loan association, savings bank, or a credit union chartered under state or federal law which maintains a principal office or branch in this state. See Michigan Laws 445.1852
  • Direct placement: means a placement in which a parent or guardian selects an adoptive parent for a child, other than a stepparent or an individual related to the child within the fifth degree by marriage, blood, or adoption, and transfers physical custody of the child to the prospective adoptive parent. See Michigan Laws 710.22
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Excessive fee or charge: means a fee or charge that exceeds the amount allowed in section 6(1), (2), or (3), section 7, or any other applicable law or statute of this state. See Michigan Laws 445.1852
  • Extension of credit: means a loan or credit sale made by a regulated lender. See Michigan Laws 445.1852
  • Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
  • Formal placement: means a placement that is approved by the court under section 51 of this chapter. See Michigan Laws 710.22
  • Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. Source: Federal Reserve
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person: means an individual, partnership, corporation, association, governmental entity, or other legal entity. See Michigan Laws 710.22
  • Person: means an individual, corporation, partnership, association, governmental entity, or any other legal entity. See Michigan Laws 445.1852
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • Probate: Proving a will
  • Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Regulated lender: means a depository institution, a licensee under the consumer financial services act, Act No. See Michigan Laws 445.1852
  • Relative: means that term as defined in section 13a of chapter XIIA. See Michigan Laws 710.22
  • Release: means a document in which all parental rights over a specific child are voluntarily relinquished to the department or to a child placing agency. See Michigan Laws 710.22
  • state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
  • Statute: A law passed by a legislature.
  • Temporary placement: means a placement that occurs before court approval under section 51 of this chapter and that meets the requirements of section 23d of this chapter. See Michigan Laws 710.22
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • to place: means selection of an adoptive parent for a child and transfer of physical custody of the child to a prospective adoptive parent in compliance with this chapter. See Michigan Laws 710.22