Terms Used In Michigan Laws > Chapter 750 > Act 328 of 1931 > Chapter XXIVA - Credit Cards
- 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.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Business of debt management: means providing or offering to provide debt management to 1 or more residents of this state. See Michigan Laws 451.412
- Certified counselor: means an individual who is certified by a training program or certifying organization, approved by the director, that authenticates the competence of individuals who provide education and assistance to other individuals in connection with debt counseling and financial counseling functions. See Michigan Laws 451.412
- 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.
- 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.
- Counselor: means a certified counselor who is an employee or agent of a licensee who engages in financial counseling and debt counseling functions. See Michigan Laws 451.412
- Credit account: means the account through which a business organization or financial institution allows a person or organization to obtain goods, property, services, or any other thing of value on credit. See Michigan Laws 750.157m
- Credit card: means either of the following:
(i) Any instrument or device which is sold, issued, or otherwise distributed by a business organization or financial institution for the use of the person or organization identified on the instrument or device for obtaining goods, property, services, or anything of value on credit. See Michigan Laws 750.157m
Cryptocurrency: means digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, and that operates independently of a central bank. See Michigan Laws 750.157m Debt management: means the planning and management of the financial affairs of a debtor and the receipt of money from the debtor for distribution to 1 or more of the debtor's creditors in payment or partial payment of the debtor's obligations. See Michigan Laws 451.412 Debtor: means a person from which money is collected for the benefit of a creditor of the debtor. See Michigan Laws 451.412 Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime. Department: means the department of insurance and financial services. See Michigan Laws 451.412 Deposit account: includes share, deposit, member, and savings accounts of financial institutions. See Michigan Laws 750.157m Deviceholder: means either of the following:
(i) The person or organization who requests a financial transaction device and to whom or for whose benefit a financial transaction device is subsequently issued. See Michigan Laws 750.157m
Director: means the director of the department or his or her authorized representative. See Michigan Laws 451.412 Distributed ledger technology: means any distributed ledger protocol and supporting infrastructure, including blockchain, that uses a distributed, decentralized, shared, and replicated ledger, whether use of the ledger is public or private, permissioned or permissionless, and that may include the use of electronic currencies or electronic tokens as a medium of electronic exchange. See Michigan Laws 750.157m Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC Escrow: Money given to a third party to be held for payment until certain conditions are met. 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. felony: when used in this act, shall be construed to mean an offense for which the offender, on conviction may be punished by death, or by imprisonment in state prison. See Michigan Laws 750.7 Fiduciary: A trustee, executor, or administrator. Financial institution: means a bank, savings and loan association, or credit union, and includes a corporation wholly owned by a financial institution or by the holding company parent of a financial institution. See Michigan Laws 750.157m Financial transaction device: means any of the following:
(i) An electronic funds transfer card. See Michigan Laws 750.157m
Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC Fraud: Intentional deception resulting in injury to another. 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 Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. License: means a written certificate or exemption order issued by the director under this act. See Michigan Laws 451.412 Licensee: means a person that is licensed, or is required to be licensed, under this act to perform debt management services and is located inside or outside the boundaries of this state. See Michigan Laws 451.412 Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Office: means each location, described by street name, building number, city, and state, where a person engages in the business of debt management. See Michigan Laws 451.412 organization: means any of the following:
(A) A dental care corporation incorporated under 1963 PA 125, MCL 550. See Michigan Laws 750.157m
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, joint stock company, trust if the interests of the beneficiaries are evidenced by a security, limited liability company, or other legal entity. See Michigan Laws 451.412 person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l Presentence report: A report prepared by a court's probation officer, after a person has been convicted of an offense, summarizing for the court the background information needed to determine the appropriate sentence. Source: U.S. Courts Proprietary account: means the account which is maintained by a business organization in the name of an individual person or organization and through which the business organization allows the person or organization to obtain goods, property, services, or any other thing of value on credit. See Michigan Laws 750.157m 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. 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 United States: shall be construed to include the district and territories. See Michigan Laws 8.3o