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Michigan Compiled Laws Complete Through PA 137 of 2018
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Act 162 of 1995
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CREDIT REFORM ACT

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


© 2017 Legislative Council, State of Michigan

The People of the State of Michigan enact:

DocumentTypeDescription
Section 445.1851SectionShort title.
Section 445.1852SectionDefinitions.
Section 445.1853SectionScope of act.
Section 445.1854SectionCharge, collection, and receipt of interest rate or finance charge; maximum rate; computation.
Section 445.1855SectionCredit sale under MCL 445.1101 to 445.1431 or MCL 492.101 to 492.141; written agreement; precomputed interest provision.
Section 445.1856SectionRegulated lender; authority to charge fee for late payment or dishonored check; fee or charge not considered as interest; excessive fee or charge.
Section 445.1857SectionFees 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 445.1858SectionCertain provisions in written agreement as void and unenforceable.
Section 445.1859SectionAdditional 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 445.1860SectionWritten complaint alleging violation of act; duty of commissioner.
Section 445.1861SectionAction by attorney general, prosecuting attorney, or borrower; recovery of interest or other charges; attorney fees and court costs; class action.
Section 445.1862SectionViolation of act; exceptions.
Section 445.1863SectionEnforcement of other laws not limited.
Section 445.1864SectionValidity of transactions, rates of interest, fees, or charges.
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