Michigan § 493.114 - Exemptions; credit card or charge card issued prior to effective date of act.
Full text of Michigan Michigan Compiled Laws § 493.114 — Exemptions; credit card or charge card issued prior to effective date of act., with citation guidance and answers to common questions.
§ 493.114. Exemptions; credit card or charge card issued prior to effective date of act.
A state or national bank, state or federal savings and loan association, state or federal credit union, or a retail seller or other creditor under Act No. 224 of the Public Acts of 1966, being sections 445.851 to 445.873 of the Michigan Compiled Laws, shall not be subject to the provisions of this act except that, to the extent such a lender is authorized by law to use the rate authority provided in this act and uses the rate authority provided in section 10, the lender shall also comply with the other provisions of section 10 and with section 11.
A person holding a credit card or charge card issued prior to the effective date of this act may continue to use the credit card or charge card according to the terms of the contract until modified as permitted under this act and shall continue to be liable for loans or credit extended pursuant to any such contract.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 493.114
What does Michigan Compiled Laws § 493.114 cover?
Section 493.114 ("Exemptions; credit card or charge card issued prior to effective date of act.") 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 § 493.114?
A common citation format is "Michigan Compiled Laws § 493.114" (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 § 493.114 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.