Bill Text: MI HB4785 | 2023-2024 | 102nd Legislature | Introduced
Bill Title: Financial institutions: other; certain references in the regulatory loan act; make gender neutral. Amends sec. 17 of 1939 PA 21 (MCL 493.17). TIE BAR WITH: HJR F'23
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced) 2023-06-20 - Bill Electronically Reproduced 06/15/2023 [HB4785 Detail]
Download: Michigan-2023-HB4785-Introduced.html
HOUSE BILL NO. 4785
A bill to amend 1939 PA 21, entitled
"Regulatory loan act,"
by amending section 17 (MCL 493.17), as amended by 2001 PA 270.
the people of the state of michigan enact:
Sec. 17. (1) An assignment of, or order for payment of, salary, wages, commissions, or other compensation for services, earned or to be earned, given to secure a loan made by a licensee under this act, shall is not be valid. A chattel mortgage or other lien on household goods then in the possession and use of the a borrower shall is not be valid unless it is in writing and signed in person by the borrower.
(2) If the a borrower is married, a chattel mortgage or other lien on household goods shall is not be valid unless it is signed in person by both husband and wife. spouses. The written assent of a spouse under this section shall is not be required when husband and wife the spouses have been living separate and apart for a period of not less than 5 months before the making of the chattel mortgage or other lien.
Enacting section 1. This amendatory act does not take effect unless Senate Joint Resolution ____ or House Joint Resolution F (request no. 00367'23) of the 102nd Legislature becomes a part of the state constitution of 1963 as provided in section 1 of article XII of the state constitution of 1963.
