Bill > SB0748

This bill amends the Credit Reform Act to update and clarify various definitions and references related to financial institutions and lending practices. The bill makes technical changes to modernize language, including updating references to government departments (changing "commissioner of the financial institutions bureau" to "director of the department of insurance and financial services") and standardizing citations to various state acts. Key modifications include refining definitions of terms like "borrower," "regulated lender," and "extension of credit," and updating statutory references to laws such as the motor vehicle sales finance act, home improvement finance act, and other financial regulatory statutes. The bill updates legal language from older acts, replacing phrases like "which" with "that" and modernizing how specific laws are referenced by using current Michigan Compiled Laws (MCL) citation formats. Notably, the bill is tie-barred with Senate Bill 739, meaning it will only take effect if that companion bill is also enacted into law. These changes aim to improve clarity and consistency in Michigan's financial regulations, ensuring that legal terminology remains precise and up-to-date.