Michigan Laws 493.101 – Definitions
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Terms Used In Michigan Laws 493.101
- charge card: means any card or device that is issued by a licensee under a credit card arrangement that allows the cardholder to obtain credit from the card issuer or any other person to purchase or lease property or services, obtain a loan or credit, or for any other purpose. See Michigan Laws 493.101
- 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 card arrangement: means a loan or extension of credit that meets all of the following:
(i) Is unsecured. See Michigan Laws 493.101Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC Licensee: means a person that is licensed under this act. See Michigan Laws 493.101 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, corporation, limited liability company, partnership, association, or other legal entity. See Michigan Laws 493.101
As used in this act:
(a) “Commissioner” means the director of the department of insurance and financial services or his or her authorized representative.
(b) “Licensee” means a person that is licensed under this act.
(c) “Person” means an individual, corporation, limited liability company, partnership, association, or other legal entity.
(d) “Credit card arrangement” means a loan or extension of credit that meets all of the following:
(i) Is unsecured.
(ii) Is made for a personal, family, or household purpose.
(iii) Is made to the holder of a credit card or charge card who is an individual.
(iv) Requires use of a credit card or charge card authorized under this act to access the proceeds of the loan or extension of credit.
(e) “Credit card” or “charge card” means any card or device that is issued by a licensee under a credit card arrangement that allows the cardholder to obtain credit from the card issuer or any other person to purchase or lease property or services, obtain a loan or credit, or for any other purpose.
(f) “Truth in lending act” means the truth in lending act, 15 USC 1601 to 1667f.