Terms Used In Michigan Laws > Chapter 46 > Act 261 of 1966 - Apportionment of County Boards of Commissioners

• Account: means a contract of deposit of funds between depositors and credit unions, and includes deposit accounts, members or share accounts and other like arrangements whether or not they may be characterized as refundable capital investments. See Michigan Laws 490.51
• Administrator: means a person, other than a creditor or insurer, that performs administrative or operational functions in connection with a guaranteed asset protection waiver program. See Michigan Laws 492.23
• Administrator: means the director of the department of insurance and financial services. See Michigan Laws 492.102
• 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 media. See Michigan Laws 493.1
• 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.
• Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. ^{Source: FDIC}
• 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.
• Appraisal: A determination of property value.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Beneficiary: means any person named a beneficial owner when an account provides that it is payable to a trustee for the beneficial owner. See Michigan Laws 490.51
• Beneficiary: means a person who does not have an ownership interest in a beneficiary account but is the person designated to receive the funds in the beneficiary account upon the death of the owner of the account. See Michigan Laws 490.81
• Beneficiary account: means a share or deposit account in a credit union where 1 or more persons are designated as owners and 1 or more other persons are designated as beneficiaries. See Michigan Laws 490.81
• Borrower: means a person that purchases, agrees to purchase, leases, or agrees to lease a motor vehicle. See Michigan Laws 492.23
• buyer: means a person that buys, hires, or leases a motor vehicle for personal, family, or household use, and not for commercial, business, or agricultural use, under an installment sale contract or a legal successor in interest to that person. See Michigan Laws 492.102
• Cash price: means the price measured in dollars at which a seller of a motor vehicle would in good faith sell to the buyer or to any other buyer under like circumstances, and the buyer would in good faith buy from the seller, the motor vehicle that is the subject matter of an installment sale contract if the sale were a sale for cash instead of an installment sale. See Michigan Laws 492.102
• Collateral security: means security, other than a security interest in a motor vehicle that is the subject of an installment sale contract, that is given to secure performance of an obligation of the buyer, or of any surety or guarantor for the buyer, under an installment sale contract. See Michigan Laws 492.102
• Commissioner: means the commissioner of the office of financial and insurance regulation in the department of energy, labor, and economic growth. See Michigan Laws 492.23
• Commissioner: means the commissioner of the office of financial and insurance services in the department of consumer and industry services. See Michigan Laws 493.1
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Contract: A legal written agreement that becomes binding when signed.
• contract: means an agreement for the retail sale of a motor vehicle, or that has a similar purpose or effect, under which part or all of the price is payable in 2 or more scheduled payments subsequent to the making of the agreement or under which the obligor undertakes to make 2 or more scheduled payments or deposits that can be used to pay part or all of the purchase price, whether or not the seller has retained a security interest in the motor vehicle or has taken collateral security for the buyer's obligation, and any extension, deferment, renewal, or other revision of that agreement. See Michigan Laws 492.102
• Control person: means a director or executive officer of a licensee or a person who has the authority to participate in the direction, directly or indirectly through 1 or more other persons, of the management or policies of a licensee. See Michigan Laws 493.1
• Conviction: A judgement of guilt against a criminal defendant.
• 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.
• Credit union: means a state or federal chartered credit union. See Michigan Laws 490.81
• Creditor: means a person that extends credit to a borrower in connection with the purchase of a motor vehicle; an assignee of that person; a lessor of a motor vehicle; or an assignee of that lessor. See Michigan Laws 492.23
• Decedent: A deceased person.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Demand: means a request for withdrawal or for payment according to an order therefor in compliance with all conditions of the account and bylaws of the credit union. See Michigan Laws 490.51
• Down payment: means all partial payments, whether made in cash or otherwise, received by or for the benefit of the seller before or substantially contemporaneous with either the execution of the installment sale contract or the delivery of the motor vehicle sold under that contract, whichever occurs later. See Michigan Laws 492.102
• Election: means an election or primary election at which the electors of this state or of a subdivision of this state choose or nominate by ballot an individual for public office or decide a ballot question lawfully submitted to them. See Michigan Laws 168.2
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• 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.
• Executive officer: means an officer, member, or partner of a licensee, including chief executive officer, president, vice president, chief financial officer, controller, compliance officer, or any other similar position. See Michigan Laws 493.1
• Fiduciary: A trustee, executor, or administrator.
• Finance agreement: means a loan, lease, or installment sale agreement for a motor vehicle. See Michigan Laws 492.23
• 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}
• Finance charge: means that term as defined in section 106 of the truth in lending act, 15 USC 1605. See Michigan Laws 492.102
• Financial institution: means a state or national chartered bank, a state or federal chartered savings and loan association, or a state or federal chartered credit union. See Michigan Laws 492.102
• Financial licensing act: means any act listed in section 2 of the consumer financial services act, 1988 PA 161, MCL 487. See Michigan Laws 493.1
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Forbearance: A means of handling a delinquent loan. A
• Fraud: Intentional deception resulting in injury to another.
• Free look period: means the period of time during which a borrower may cancel a guaranteed asset protection waiver without penalty, fees, or costs to the borrower. See Michigan Laws 492.23
• Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. ^{Source: OCC}
• general November election: means the election held on the November regular election date in an even numbered year. See Michigan Laws 168.2
• Guaranteed asset protection waiver: means a contractual agreement in which a creditor agrees for a separate charge to cancel or waive all or part of amounts due on a borrower's finance agreement in the event of a total physical damage loss or unrecovered theft of a motor vehicle. See Michigan Laws 492.23
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• 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.
• Holder: means a seller or other person that is currently entitled to the rights of a seller under an installment sale contract. See Michigan Laws 492.102
• 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
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Installment buyer: means that term as defined in section 2 of the motor vehicle sales finance act, MCL 492. See Michigan Laws 492.23
• Installment seller: means that term as defined in section 2 of the motor vehicle sales finance act, MCL 492. See Michigan Laws 492.23
• Insurer: means an authorized insurer as defined in section 108 of the insurance code of 1956, 1956 PA 218, MCL 500. See Michigan Laws 492.23
• Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
• 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.
• laboratory: means a facility for the biological, microbiological, serological, chemical, immunohematological, hematological, biophysical, cytological, pathological, or other examination of materials derived from the human body for the purpose of providing information for the diagnosis, prevention, or treatment of any disease or impairment of, or the assessment of the health of, human beings. See Michigan Laws 333.20501
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• License: means a single license issued to a single place of business. See Michigan Laws 493.1
• Licensed financial institution: means a financial institution issued a license under this act. See Michigan Laws 492.102
• Licensee: means a person issued a license under this act as an installment seller or a sales finance company and whose license has not expired or been surrendered or revoked, and in the plural means a person or persons licensed under 1 or both of these 2 classifications. See Michigan Laws 492.102
• Licensee: means a person licensed or required to be licensed under this act. See Michigan Laws 493.1
• Lien: A claim against real or personal property in satisfaction of a debt.
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Minimum finance charge: The minimum, or fixed, finance charge that will be imposed during a billing cycle. A minimum finance charge usually applies only when a finance charge is imposed, that is, when you carry over a balance. ^{Source: Federal Reserve}
• month: means a calendar month; the word "year" a calendar year; and the word "year" alone shall be equivalent to the words "year of our Lord". See Michigan Laws 8.3j
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Motor vehicle: means a self-propelled or towed device that transports people or property for personal or commercial use. See Michigan Laws 492.23
• Motor vehicle: means a self-propelled device by which a person or property may be transported upon a public highway or, subject to subparagraph (iv), a recreational vehicle. See Michigan Laws 492.102
• Motor vehicle sales finance act: means the motor vehicle sales finance act, 1950 (Ex Sess) PA 27, MCL 492. See Michigan Laws 492.23
• Multiple-party account: means an account in the names of 2 or more persons, 1 or more or all of whom may make withdrawals, or an account in the name of 1 or more parties as trustee for 1 or more beneficiaries even though no mention is made of a right of withdrawal by a beneficiary. See Michigan Laws 490.51
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) ^{Source: OCC}
• Owner: means the person or persons designated as the owner in the documents establishing a credit union beneficiary account. See Michigan Laws 490.81
• 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.
• Party: means a person who, alone or in conjunction with another, by the terms of the account or as a surviving beneficiary of a trust account, has a present right of withdrawal in a multiple-party account. See Michigan Laws 490.51
• Person: includes any person or entity capable of contracting. See Michigan Laws 490.51
• Person: means an individual, corporation, partnership, association, governmental entity, or any other legal entity. See Michigan Laws 490.81
• Person: means an individual, limited liability company, partnership, association, corporation, governmental entity, or any other legal entity. See Michigan Laws 492.23
• Person: means an individual, partnership, association, corporation, limited liability company, governmental entity, or any other legal entity. See Michigan Laws 492.102
• Person: means an individual, partnership, association, corporation, limited liability company, or other legal entity. See Michigan Laws 493.1
• person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
• Personal property: All property that is not real property.
• 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}
• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• primary election: as used in this act , shall mean a primary election held for the purpose of deciding by ballot who shall be the nominees for the offices named in this act, or for the election by ballot of delegates to political conventions. See Michigan Laws 168.7
• Principal amount financed: means the unpaid cash price balance after deducting the down payment, adding the cost of any insurance premiums required or obtained as security for or by reason of the sale of a motor vehicle under an installment sale contract, and adding other costs necessary or incidental to the sale of the motor vehicle under the contract that the seller contracts to pay on behalf of the buyer and for the amount of which the seller agrees to extend credit to the buyer and for which the buyer contracts voluntarily. See Michigan Laws 492.102
• Probable cause: A reasonable ground for belief that the offender violated a specific law.
• Probate: Proving a will
• Proof of death: includes a death certificate or other statement issued by an appropriate official which indicates that a named person is dead. See Michigan Laws 490.51
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• Public sale: means a public sale after advertisement of each motor vehicle in at least 2 successive publications in a newspaper having general circulation in the village, city, or township in which the sale is to be held. See Michigan Laws 492.102
• qualified elector: as used in this act , means a person who possesses the qualifications of an elector as prescribed in section 1 of article II of the state constitution of 1963 and who has resided in the city or township 30 days. See Michigan Laws 168.10
• Quorum: The number of legislators that must be present to do business.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Recreational vehicle: means a recreational vehicle, as that term is defined in section 49a of the Michigan vehicle code, 1949 PA 300, MCL 257. See Michigan Laws 492.102
• regulatory loan: means a loan made by a licensee to an individual for personal, family, or household use. See Michigan Laws 493.1
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Retail buyer: means that term as defined in section 2 of the retail installment sales act, MCL 445. See Michigan Laws 492.23
• Retail charge agreement: means that term as defined in section 2 of the retail installment sales act, MCL 445. See Michigan Laws 492.23
• Retail installment contract: means that term as defined in section 2 of the retail installment sales act, MCL 445. See Michigan Laws 492.23
• Retail installment sales act: means the retail installment sales act, 1966 PA 224, MCL 445. See Michigan Laws 492.23
• Retail sale: means a sale of a motor vehicle for use by a buyer or for the benefit or satisfaction that the buyer may derive from the use of the motor vehicle by another. See Michigan Laws 492.102
• Retail seller: means that term as defined in section 2 of the retail installment sales act, MCL 445. See Michigan Laws 492.23
• Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
• Sales finance company: means that term as defined in section 2 of the motor vehicle sales finance act, MCL 492. See Michigan Laws 492.23
• Sales finance company: means a person engaged as a principal, agent, or broker in the business of financing or soliciting the financing of installment sale contracts made between other parties, and in the business of acquiring, investing in, or lending money or credit on the security of the retail seller's interest in those contracts whether by discount, purchase, or assignment of those contracts, or otherwise. See Michigan Laws 492.102
• seal: means a seal of high tensile strength that is approved by the secretary of state under section 36. See Michigan Laws 168.14a
• secular day: means a day that is not a Saturday, Sunday, or legal holiday. See Michigan Laws 168.2
• Security interest: means a property right in a motor vehicle that is the subject of an installment sale contract, if the right is retained to secure performance of an obligation of the buyer under that contract. See Michigan Laws 492.102
• seller: means a person engaged in the business of selling, offering for sale, hiring, or leasing motor vehicles under installment sale contracts or a legal successor in interest to that person. See Michigan Laws 492.102
• Service of process: The service of writs or summonses to the appropriate party.
• shall not apply: means that the pertinent provision is not operative as to certain persons or things or in conjunction with a particular date or dates. See Michigan Laws 8.4c
• 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.
• Subpoena: A command to a witness to appear and give testimony.
• Sums on deposit: means the balance payable on a multiple-party account including interest, dividends, and in addition any deposit life insurance proceeds added to the account by reason of the death of a party. See Michigan Laws 490.51
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Time balance: means the sum of the principal amount financed and the finance charge. See Michigan Laws 492.102
• Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Trustee: A person or institution holding and administering property in trust.
• Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on ^{Source: OCC}
• Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}
• United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
• Withdrawal: includes payment to a third person pursuant to directive of a party. See Michigan Laws 490.51