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Can you summarize MICL, Act 379 of 1984?
REGULATORY LOANS > CREDIT CARD ARRANGEMENTS (493.101 - 493.114)
Short Summary
This legal document, found in the Michigan Compiled Laws, pertains to credit card arrangements. It states that state or national banks, state or federal savings and loan associations, state or federal credit unions, retail sellers, and other creditors under Act No. 224 of the Public Acts of 1966 are not subject to the provisions of this act, except if they use the rate authority provided in this act. However, a person holding a credit card or charge card issued prior to the effective date of this act may continue to use the credit card or charge card according to the terms of the contract until modified as permitted under this act and shall continue to be liable for loans or credit extended pursuant to any such contract. No penalties are mentioned in this document.
Whom does it apply to?
State or national banks, state or federal savings and loan associations, state or federal credit unions, retail sellers, and other creditors under Act No. 224 of the Public Acts of 1966
What does it govern?
Credit card arrangements
What are exemptions?
Exempt if they use the rate authority provided in this act
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Michigan