A bill to amend 1939 PA 21, entitled “Regulatory loan act,” by amending section 17 (MCL 493.17), as amended by 2001 PA 270.
This bill proposes amendments to the 1939 PA 21, known as the "Regulatory Loan Act," specifically targeting section 17 (MCL 493.17) which was previously amended by 2001 PA 270. The bill stipulates that any assignment or order for payment of salary, wages, commissions, or other compensation for services as security for a loan made by a licensee under this act is invalid.
Introduced
by
Referred to the Committee on Government Operations
