Maddy summaryThis bill amends the Michigan Credit Reform Act to update legal definitions and clarify rules regarding precomputed interest in credit agreements. It directly affects regulated lenders, such as banks and finance companies, as well as borrowers who take out loans for vehicles or home improvements. The key provision allows written agreements for these specific types of credit sales to include precomputed interest, provided that any rebate due upon early repayment is calculated using the actuarial method. Additionally, the bill revises the definition of a "regulated lender" to ensure it accurately covers various financial institutions and sellers under existing state laws. The changes do not take effect unless a related companion bill is also passed into law.
Sponsored bills
Maddy summaryThis bill requires employers in Michigan to create and maintain written job descriptions for every position. These descriptions must list essential duties, required skills and training, working conditions, and salary information. Employers must provide these documents to job applicants during the hiring process and to current employees upon request. Additionally, any changes to a job description cannot take effect until the affected employee has reviewed and signed off on the update.
Maddy summaryThis bill amends Michigan's Elliott-Larsen Civil Rights Act to strengthen protections against wage discrimination by requiring the Department of Civil Rights to maintain an anonymous reporting system. Specifically, it mandates the creation of a dedicated telephone line and a public website featuring an easy-to-use form that allows individuals to report violations without revealing their identity. The legislation also updates the department's investigative procedures to ensure the anonymity of anyone who files a complaint or assists in the investigation of alleged discrimination. These changes directly affect employees and employers in Michigan by providing a more secure channel for reporting unfair pay practices.
Maddy summaryThis bill amends the Michigan Home Solicitation Sales Act to update the definitions of key terms used in consumer protection laws regarding sales made at residences or via telephone. Specifically, it clarifies what constitutes a "home solicitation sale," "telephone solicitation," and "written solicitation" while explicitly excluding certain transactions like insurance sales, real estate services, and loans from these definitions. The legislation also standardizes the list of holidays that are not considered business days and refines rules about when sellers can contact existing customers. By revising these definitions, the bill aims to ensure that the state's consumer protection regulations accurately reflect current sales practices without changing the underlying penalties or remedies for violations.
Maddy summaryThis bill modifies Michigan's Elliott-Larsen Civil Rights Act to strengthen protections against employment discrimination and unequal pay. It allows individuals who win a case to receive triple the amount of damages they would normally get and clarifies that these damages include reasonable attorney fees. Additionally, the bill changes the rule for when a legal claim starts, setting the date to when the employee actually learns about the violation rather than when it happened. The law also specifies that lawsuits can be filed in the county where the incident occurred or where the employer is based. These changes take effect 90 days after the bill becomes official law.
Maddy summaryThis bill amends the Michigan Guaranteed Asset Protection Waiver Act to update the list of defined terms used throughout the law. It clarifies the meanings of key concepts such as borrower, creditor, finance agreement, and motor vehicle to ensure consistency with other state statutes. The changes also specify that a free look period for cancelling a waiver must be at least 30 days starting from the effective date. This legislative update directly affects lenders, insurers, and consumers involved in motor vehicle financing and leasing.
Maddy summaryThis bill prohibits state agencies from awarding construction contracts to companies that do not hold a Fair Paycheck Workplace Certificate, aiming to ensure fair labor practices in state-funded projects. It also mandates that construction contracts be awarded to the responsive and responsible best value bidder, a determination based on price, technical design, personnel quality, and other qualitative factors. Additionally, the legislation requires a preference of up to 10% of the contract amount to be given to qualified disabled veterans who are the lowest bidders. While maintaining a preference for Michigan-based firms and clean corporate citizens in general state purchases, the primary new restriction specifically targets the construction sector by barring vendors without the required labor certification from receiving state contracts.
Maddy summaryThis bill updates the Consumer Financial Services Act to clarify how it references the Motor Vehicle Sales Finance Act, ensuring consistency in how financial regulations are applied across Michigan. It directly affects businesses licensed by the state to offer financial services, such as lending, mortgage brokering, and money transmission. The key provision requires applicants for these licenses to provide a surety bond or letter of credit of at least $500,000 to protect consumers if the licensee fails to pay debts owed to them. Additionally, the bill specifies that claims against these bonds can only be filed by the state or specific individuals who have suffered financial loss due to the licensee's actions.
Maddy summaryHB 5358 amends the Michigan Uniform Commercial Code to update the list of specific state laws that take precedence over general commercial rules when dealing with consumer transactions. The bill ensures that existing statutes, such as the Motor Vehicle Sales Finance Act and the Retail Installment Sales Act, continue to override the Uniform Commercial Code in cases of conflict. It clarifies that any agreement violating these specific consumer protection laws remains invalid and does not extend those laws to transactions they were not originally intended to cover. This change is purely technical and does not alter the underlying protections or requirements already established by Michigan's consumer finance regulations.
Maddy summaryThis bill amends the Deferred Presentment Service Transactions Act in Michigan to clarify how the law interacts with the Motor Vehicle Sales Finance Act. Specifically, it revises the definition of a deferred presentment service transaction to explicitly exclude loans made by licensed motor vehicle sales finance companies, ensuring these two types of lending are treated as separate regulatory categories. The changes affect payday lenders and financial institutions by refining the legal boundaries of their operations and preventing confusion with existing vehicle loan regulations. No new fees or penalties are introduced; the bill focuses solely on aligning definitions within the state's financial licensing framework.