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HOUSE BILL NO. 6190
A bill to amend 1995 PA 162, entitled
"Credit reform act,"
by amending section 2 (MCL 445.1852), as amended by 1996 PA 419.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 2. As used in this act: 1
(a) "Borrower" means a person who that obtains an extension of 2
credit from a regulated lender. 3
(b) "Commissioner" means the commissioner of the financial 4
institutions bureau of the department of consumer and industry 5
July 03, 2026, Introduced by Reps. Frisbie, Tisdel, Alexander and Kuhn and referred to Committee
on Finance.
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services.director of the department of insurance and financial 1
services. 2
(c) "Credit card arrangement" means an extension of credit 3
that is not secured by real property made to a cardholder of a 4
credit card or charge card issued by a regulated lender under an 5
arrangement that gives to a cardholder the privilege of obtaining 6
credit from the regulated lender or any other person in purchasing 7
or leasing property or services, obtaining credit or loans, or 8
otherwise. 9
(d) "Credit sale" means an extension of credit for the sale of 10
goods or services by a seller that is subject to the either of the 11
following: 12
(i) The home improvement finance act, Act No. 332 of the Public 13
Acts of 1965, being sections 1965 PA 332, MCL 445.1101 to 445.1431. 14
of the Michigan Compiled Laws, or the 15
(ii) The motor vehicle sales finance act, Act No. 27 of the 16
Public Acts of the Extra Session of 1950, being sections 1950 (Ex 17
Sess) PA 27, MCL 492.101 to 492.141. of the Michigan Compiled Laws. 18
(e) "Depository institution" means a bank, savings and loan 19
association, savings bank, or a credit union chartered under state 20
or federal law which that maintains a principal office or branch in 21
this state. 22
(f) "Excessive fee or charge" means a fee or charge that 23
exceeds the amount allowed in section 6(1), (2), or (3), section 7, 24
or any other applicable law or statute of this state. 25
(g) "Extension of credit" means a loan or credit sale made by 26
a regulated lender. An extension Extension of credit does not 27
include an extension of credit described in section 501(a)(1) of 28
title V of the depository institutions deregulation and monetary 29
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control act of 1980, Public Law 96-221, 12 U.S.C. 1735f-7 nt.12 USC 1
1735f-7a. 2
(h) "Person" means an individual, corporation, partnership, 3
association, governmental entity, or any other legal entity. 4
(i) "Regulated lender" means a any of the following: 5
(i) A depository institution. , a 6
(ii) A licensee under the any of the following: 7
(A) The consumer financial services act, Act No. 161 of the 8
Public Acts of 1988, being sections 1988 PA 161, MCL 487.2051 to 9
487.2072. of the Michigan Compiled Laws, Act No. 379 of the Public 10
Acts of 1984, being sections 11
(B) 1984 PA 379, MCL 493.101 to 493.114. of the Michigan 12
Compiled Laws, the 13
(C) The motor vehicle sales finance act, Act No. 27 of the 14
Public Acts of the Extra Session of 1950, Act No. 125 of the Public 15
Acts of 1981, being sections 1950 (Ex Sess) PA 27, MCL 492.101 to 16
492.141. 17
(D) For 6 months after the effective date of the residential 18
mortgage licensing and supervision act, the secondary mortgage loan 19
act, 1981 PA 125, MCL 493.51 to 493.81. of the Michigan Compiled 20
Laws, or the 21
(E) Beginning on the effective date of the residential 22
mortgage licensing and supervision act, the residential mortgage 23
licensing and supervision act. 24
(F) The regulatory loan act, of 1963, Act No. 21 of the Public 25
Acts of 1939, being sections 1939 PA 21, MCL 493.1 to 493.26 of the 26
Michigan Compiled Laws, or a 493.24. 27
(iii) A seller under the home improvement finance act, Act No. 28
332 of the Public Acts of 1965.1965 PA 332, MCL 445.1101 to 29
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Final Page
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445.1431. 1
Enacting section 1. This amendatory act does not take effect 2
unless House Bill No. 6177 (request no. H05171'25) of the 103rd 3
Legislature is enacted into law. 4