This bill amends the Credit Reform Act of 1995 by updating definitions and references within the law. Key changes include redefining "borrower" to refer to a person that obtains credit from a regulated lender, and updating the title of the "commissioner" to the "director of the department of insurance and financial services." The bill also clarifies the definitions of "credit sale" and "regulated lender," specifying the relevant acts and their corresponding Public Act numbers, such as the home improvement finance act and the motor vehicle sales finance act.

Additionally, the bill allows for written agreements related to credit sales to provide for precomputed interest, with any rebates due upon prepayment calculated using the actuarial method. The enactment of this amendatory act is contingent upon the passage of Senate Bill No. 739 from the 103rd Legislature. Overall, the bill aims to modernize the language and structure of the existing law to improve clarity and compliance.

Statutes affected:
Senate Introduced Bill: 445.1852, 445.1855