Michigan Laws > Chapter 750 > Act 328 of 1931 > Chapter XXIVA – Credit Cards
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Terms Used In Michigan Laws > Chapter 750 > Act 328 of 1931 > Chapter XXIVA - Credit Cards
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Conviction: A judgement of guilt against a criminal defendant.
- 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 account: means the account through which a business organization or financial institution allows a person or organization to obtain goods, property, services, or any other thing of value on credit. See Michigan Laws 750.157m
- Credit card: means either of the following:
(i) Any instrument or device which is sold, issued, or otherwise distributed by a business organization or financial institution for the use of the person or organization identified on the instrument or device for obtaining goods, property, services, or anything of value on credit. See Michigan Laws 750.157mCryptocurrency: means digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, and that operates independently of a central bank. See Michigan Laws 750.157m Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime. Deposit account: includes share, deposit, member, and savings accounts of financial institutions. See Michigan Laws 750.157m Deviceholder: means either of the following:
(i) The person or organization who requests a financial transaction device and to whom or for whose benefit a financial transaction device is subsequently issued. See Michigan Laws 750.157mDevise: To gift property by will. Distributed ledger technology: means any distributed ledger protocol and supporting infrastructure, including blockchain, that uses a distributed, decentralized, shared, and replicated ledger, whether use of the ledger is public or private, permissioned or permissionless, and that may include the use of electronic currencies or electronic tokens as a medium of electronic exchange. See Michigan Laws 750.157m Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other. felony: when used in this act, shall be construed to mean an offense for which the offender, on conviction may be punished by death, or by imprisonment in state prison. See Michigan Laws 750.7 Financial institution: means a bank, savings and loan association, or credit union, and includes a corporation wholly owned by a financial institution or by the holding company parent of a financial institution. See Michigan Laws 750.157m Financial transaction device: means any of the following:
(i) An electronic funds transfer card. See Michigan Laws 750.157mForgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value. in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Mortgage: The written agreement pledging property to a creditor as collateral for a loan. organization: means any of the following:
(A) A dental care corporation incorporated under 1963 PA 125, MCL 550. See Michigan Laws 750.157mperson: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l Presentence report: A report prepared by a court's probation officer, after a person has been convicted of an offense, summarizing for the court the background information needed to determine the appropriate sentence. Source: U.S. Courts Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents. Proprietary account: means the account which is maintained by a business organization in the name of an individual person or organization and through which the business organization allows the person or organization to obtain goods, property, services, or any other thing of value on credit. See Michigan Laws 750.157m 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 Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition. Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence. Trustee: A person or institution holding and administering property in trust.