Michigan Laws 493.102 – Credit card arrangement; license required; terms and conditions
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(1) Except for a person licensed under the consumer financial services act, 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 this act.
(2) 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.
Terms Used In Michigan Laws 493.102
- Credit card arrangement: means a loan or extension of credit that meets all of the following:
(i) Is unsecured. See Michigan Laws 493.101Licensee: means a person that is licensed under this act. See Michigan Laws 493.101 Person: means an individual, corporation, limited liability company, partnership, association, or other legal entity. See Michigan Laws 493.101