Michigan § 493.101 - Definitions.

Full text of Michigan Michigan Compiled Laws § 493.101 — Definitions., with citation guidance and answers to common questions.

§ 493.101. Definitions.

Sec. 1.

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.

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Frequently Asked Questions About Michigan § 493.101

What does Michigan Compiled Laws § 493.101 cover?

Section 493.101 ("Definitions.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

How do I cite Michigan § 493.101?

A common citation format is "Michigan Compiled Laws § 493.101" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.

Is this the official text of Michigan law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.

How does Michigan § 493.101 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.

Sources & Verification

Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.