Mich. Comp. Laws » Michigan Compiled Laws / Chapter 445 / Act 162 of 1995
Michigan Compiled Laws

Mich. Comp. Laws § 445.1852 (2026)

Definitions.

✓ current as of July 2026
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CREDIT REFORM ACT


Act 162 of 1995


445.1852 Definitions.

Sec. 2.

    As used in this act:

    (a) "Borrower" means a person who obtains an extension of credit from a regulated lender.

    (b) "Commissioner" means the commissioner of the financial institutions bureau of the department of consumer and industry services.

    (c) "Credit card arrangement" means an extension of credit that is not secured by real property made to a cardholder of a credit card or charge card issued by a regulated lender under an arrangement that gives to a cardholder the privilege of obtaining credit from the regulated lender or any other person in purchasing or leasing property or services, obtaining credit or loans, or otherwise.

    (d) "Credit sale" means an extension of credit for the sale of goods or services by a seller that is subject to the home improvement finance act, Act No. 332 of the Public Acts of 1965, being sections 445.1101 to 445.1431 of the Michigan Compiled Laws, or the motor vehicle sales finance act, Act No. 27 of the Public Acts of the Extra Session of 1950, being sections 492.101 to 492.141 of the Michigan Compiled Laws.

    (e) "Depository institution" means a bank, savings and loan association, savings bank, or a credit union chartered under state or federal law which maintains a principal office or branch in this state.

    (f) "Excessive fee or charge" means a fee or charge that exceeds the amount allowed in section 6(1), (2), or (3), section 7, or any other applicable law or statute of this state.

    (g) "Extension of credit" means a loan or credit sale made by a regulated lender. An extension of credit does not include an extension of credit described in section 501(a)(1) of title V of the depository institutions deregulation and monetary control act of 1980, Public Law 96-221, 12 U.S.C. 1735f-7 nt.

    (h) "Person" means an individual, corporation, partnership, association, governmental entity, or any other legal entity.

    (i) "Regulated lender" means a depository institution, a licensee under the consumer financial services act, Act No. 161 of the Public Acts of 1988, being sections 487.2051 to 487.2072 of the Michigan Compiled Laws, Act No. 379 of the Public Acts of 1984, being sections 493.101 to 493.114 of the Michigan Compiled Laws, the motor vehicle sales finance act, Act No. 27 of the Public Acts of the Extra Session of 1950, Act No. 125 of the Public Acts of 1981, being sections 493.51 to 493.81 of the Michigan Compiled Laws, or the regulatory loan act of 1963, Act No. 21 of the Public Acts of 1939, being sections 493.1 to 493.26 of the Michigan Compiled Laws, or a seller under the home improvement finance act, Act No. 332 of the Public Acts of 1965.

History: 1995, Act 162, Eff. Mar. 28, 1996 ;-- Am. 1996, Act 85, Eff. Mar. 28, 1996 ;-- Am. 1996, Act 419, Imd. Eff. Nov. 22, 1996

Compiler's Notes:

    For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.

Notes of Decisions
Cited in 4 cases (1 in the last 5 years), 2001–2021 · leading case: Daenzer v. Wayland Ford, Inc., 193 F. Supp. 2d 1030 (W.D. Mich. 2002).
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Daenzer v. Wayland Ford, Inc., 193 F. Supp. 2d 1030 (W.D. Mich. 2002). · cites it 4× “903 ; and the Michigan Credit Reform Act (MCRA), Mich. Comp. Laws § 445.1852 (f). Defendant seeks dismissal of all of Plaintiffs claims for failure to state a claim upon which relief may be granted.”
Rockey v. Courtesy Motors, Inc., 199 F.R.D. 578 (W.D. Mich. 2001). “LAWS §§ 445.1852(f), 445.1856, 445.1861(1), and 445.”
Dressel v. Ameribank, 635 N.W.2d 328 (Mich. Ct. App. 2001). “” MCL 445.1852(f). Charging a fee for the preparation of legal documents constitutes the unauthorized practice of law under MCL 450.”
Wilmington Sav. Fund Soc'y Fsb v. Alex Schmidt (Mich. Ct. App. 2021). “MCL 445.1852(i). The SMLA defines “secondary mortgage loan” as a loan that has a term of 90 days or more; that is made to a person for personal, family, or household purposes; and that is secured by a mortgage on an interest in real property that is used as a dwelling and is…”
— Mich. Comp. Laws § 445.1852(f) — 2 cases
Rockey v. Courtesy Motors, Inc., 199 F.R.D. 578 (W.D. Mich. 2001). “LAWS §§ 445.1852(f), 445.1856, 445.1861(1), and 445.”
Dressel v. Ameribank, 635 N.W.2d 328 (Mich. Ct. App. 2001). “” MCL 445.1852(f). Charging a fee for the preparation of legal documents constitutes the unauthorized practice of law under MCL 450.”
— Mich. Comp. Laws § 445.1852(i) — 1 case
Wilmington Sav. Fund Soc'y Fsb v. Alex Schmidt (Mich. Ct. App. 2021). “MCL 445.1852(i). The SMLA defines “secondary mortgage loan” as a loan that has a term of 90 days or more; that is made to a person for personal, family, or household purposes; and that is secured by a mortgage on an interest in real property that is used as a dwelling and is…”
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