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'25

Also relevant to:LGBTQ+ / Queer Person of color

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Plain-English Summary

This bill amends the Regulatory Loan Act to update language regarding loan security. It states that an assignment of wages to secure a loan from a licensed lender is not valid. It also clarifies that a lien on household goods used by a borrower is only valid if signed by the borrower, and if the borrower is married, it must be signed by both spouses unless they have been living apart for at least five months.

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