Michigan Laws 445.1852 – Definitions
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As used in this act:
(a) “Borrower” means a person who obtains an extension of credit from a regulated lender.
Terms Used In Michigan Laws 445.1852
- Commissioner: means the commissioner of the financial institutions bureau of the department of consumer and industry services. See Michigan Laws 445.1852
- 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 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
- 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
- Extension of credit: means a loan or credit sale made by a regulated lender. See Michigan Laws 445.1852
- 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, corporation, partnership, association, governmental entity, or any other legal entity. See Michigan Laws 445.1852
- 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
- 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.
(b) “Commissioner” means the commissioner of the financial institutions bureau of the department of consumer and industry services.
(c) “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.
(d) “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. 332 of the Public Acts of 1965, being section 445.1101 to 445.1431 of the Michigan Compiled Laws, or the motor vehicle sales finance act, Act No. 27 of the Public Acts of the Extra Session of 1950, being section 492.101 to 492.141 of the Michigan Compiled Laws.
(e) “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.
(f) “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.
(g) “Extension of credit” means a loan or credit sale made by a regulated lender. An extension of credit does not include an extension of credit described in section 501(a)(1) of title V of the depository institutions deregulation and monetary control act of 1980, Public Law 96-221, 12 U.S.C. §§ 1735f–7 nt.
(h) “Person” means an individual, corporation, partnership, association, governmental entity, or any other legal entity.
(i) “Regulated lender” means a depository institution, a licensee under the consumer financial services act, Act No. 161 of the Public Acts of 1988, being section 487.2051 to 487.2072 of the Michigan Compiled Laws, Act No. 379 of the Public Acts of 1984, being section 493.101 to 493.114 of the Michigan Compiled Laws, the motor vehicle sales finance act, Act No. 27 of the Public Acts of the Extra Session of 1950, Act No. 125 of the Public Acts of 1981, being section 493.51 to 493.81 of the Michigan Compiled Laws, or the regulatory loan act of 1963, Act No. 21 of the Public Acts of 1939, being section 493.1 to 493.26 of the Michigan Compiled Laws, or a seller under the home improvement finance act, Act No. 332 of the Public Acts of 1965.