HOUSE BILL NO. 4785
June 15, 2023, Introduced by Reps. Brenda Carter and Morgan and referred to the Committee on
Government Operations.
A bill to amend 1939 PA 21, entitled
"Regulatory loan act,"
by amending section 17 (MCL 493.17), as amended by 2001 PA 270.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
1 Sec. 17. (1) An assignment of, or order for payment of,
2 salary, wages, commissions, or other compensation for services,
3 earned or to be earned, given to secure a loan made by a licensee
4 under this act, shall is not be valid. A chattel mortgage or other
5 lien on household goods then in the possession and use of the a
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1 borrower shall is not be valid unless it is in writing and signed
2 in person by the borrower.
3 (2) If the a borrower is married, a chattel mortgage or other
4 lien on household goods shall is not be valid unless it is signed
5 in person by both husband and wife. spouses. The written assent of
6 a spouse under this section shall is not be required when husband
7 and wife the spouses have been living separate and apart for a
8 period of not less than 5 months before the making of the chattel
9 mortgage or other lien.
10 Enacting section 1. This amendatory act does not take effect
11 unless Senate Joint Resolution ____ or House Joint Resolution F
12 (request no. 00367'23) of the 102nd Legislature becomes a part of
13 the state constitution of 1963 as provided in section 1 of article
14 XII of the state constitution of 1963.
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Statutes affected:
House Introduced Bill: 493.17