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Can I collect credit card information from participants in Michigan? What are the requirements?

Collecting Credit Card Information from Participants in Michigan

Based on the context documents provided, it appears that Michigan has regulations in place regarding credit card arrangements. However, it is important to note that collecting credit card information from participants in Michigan may be subject to additional legal requirements beyond those outlined in the context documents. It is recommended that you consult with a legal professional to ensure compliance with all applicable laws and regulations.

License Requirement

According to MICL 493.102, a person shall not make or negotiate, or offer to make or negotiate, a credit card arrangement unless that person is licensed as provided in the Michigan Credit Card Arrangements Act. A licensee shall not make or offer to make a credit card arrangement except on the terms and conditions authorized by this act and the rules promulgated under this act [1.2].

Terms and Conditions

A licensee must comply with the terms and conditions authorized by the Michigan Credit Card Arrangements Act and the rules promulgated under this act [1.2].

Interest Rates

A licensee may collect interest not to exceed 1.5% of the unpaid balance per month on a loan made or credit extended pursuant to a credit card arrangement [1.4].

Disclosures

A licensee must make or give to the consumer the disclosures, information, and notices required by the Truth in Lending Act for a credit card arrangement that is governed by the Michigan Credit Card Arrangements Act [1.3].

Additional Requirements

It is important to note that there may be additional legal requirements beyond those outlined in the context documents. Therefore, it is recommended that you consult with a legal professional to ensure compliance with all applicable laws and regulations.

In summary, collecting credit card information from participants in Michigan requires a license under the Michigan Credit Card Arrangements Act, compliance with the terms and conditions authorized by this act, and the disclosures required by the Truth in Lending Act. It is recommended that you consult with a legal professional to ensure compliance with all applicable laws and regulations.

Source(s):
Jurisdiction

Michigan