Michigan Laws 445.1822 – Definitions
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Terms Used In Michigan Laws 445.1822
- 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.
- Credit services organization: means , except as otherwise provided in subdivision (c), a person who, in return for consideration, attempts to sell, provide, or perform 1 or more of the following:
(i) The improvement of a person's credit record, history, or rating. See Michigan Laws 445.1822Extension of credit: means the right to defer payment of debt or to incur debt. See Michigan Laws 445.1822 Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. Source: OCC Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC Mortgage: The written agreement pledging property to a creditor as collateral for a loan. 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, partnership, corporation, limited liability company, association, or other legal entity. See Michigan Laws 445.1822 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.
As used in this act:
(a) “Buyer” means a person who is solicited to purchase or who purchases the services of a credit services organization.
(b) “Credit services organization” means, except as otherwise provided in subdivision (c), a person who, in return for consideration, attempts to sell, provide, or perform 1 or more of the following:
(i) The improvement of a person’s credit record, history, or rating.
(ii) The obtainment of an extension of credit.
(iii) Advice or assistance regarding the improvement or repair of a person’s credit record, history, or rating.
(iv) Advice or assistance regarding the obtainment of an extension of credit.
(v) Advice or assistance regarding foreclosure of a real estate mortgage.
(vi) Serve as an intermediate between a debtor and a creditor on behalf of the debtor regarding credit that was extended prior to any agreement to have the credit services organization serve as an intermediate.
(c) Credit services organization does not include any of the following:
(i) A person who is licensed in this state or otherwise authorized to make loans or extend credit under any state statute while engaged in the regular course of business under that state statute, other than 1966 PA 326, MCL 438.31 to 438.33.
(ii) A federal or state chartered bank, credit union, savings bank, or savings and loan institution, an entity of the federally chartered farm credit system, or any solely owned subsidiary thereof.
(iii) A person licensed under the occupational code, 1980 PA 299, MCL 339.101 to 339.2919, when engaged in the regular course of business.
(iv) A person licensed to practice law in this state if the person renders services within the course of that person’s practice as an attorney and does not engage in the business of a credit services organization on a regular and continuing basis.
(v) A judicial officer or other person acting under court order.
(vi) A consumer reporting agency, as defined in section 603 of the fair credit reporting act, 15 USC 1681a, while engaged in the regular course of the credit reporting business.
(vii) A debt management business licensed under the debt management act, 1975 PA 148, MCL 451.411 to 451.437, while engaged in the regular course of business under that act.
(viii) An investment adviser or broker-dealer registered under the uniform securities act, 1964 PA 265, MCL 451.501 to 451.818, or the uniform securities act (2002), 2008 PA 551, MCL 451.2101 to 451.2703.
(ix) A nonprofit corporation that is exempt from taxation under section 501c(3) of the internal revenue code, 26 USC 501c(3).
(x) A finance subsidiary of a manufacturing corporation.
(d) “Extension of credit” means the right to defer payment of debt or to incur debt.
(e) “Person” means an individual, partnership, corporation, limited liability company, association, or other legal entity.