Michigan Laws 445.1853 – Scope of act
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Terms Used In Michigan Laws 445.1853
- Extension of credit: means a loan or credit sale made by a regulated lender. See Michigan Laws 445.1852
- Regulated lender: means a depository institution, a licensee under the consumer financial services act, Act No. See Michigan Laws 445.1852
This act does not authorize a regulated lender to make an extension of credit of a type that is not permitted by the act under which the regulated lender is chartered, organized, licensed, regulated, or otherwise authorized to extend credit.