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| 1 | 1 | HOUSE BILL NO. 4785 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: Sec. 17. (1) An assignment of, or order for payment of, salary, wages, commissions, or other compensation for services, earned or to be earned, given to secure a loan made by a licensee under this act, shall is not be valid. A chattel mortgage or other lien on household goods then in the possession and use of the a borrower shall is not be valid unless it is in writing and signed in person by the borrower. (2) If the a borrower is married, a chattel mortgage or other lien on household goods shall is not be valid unless it is signed in person by both husband and wife. spouses. The written assent of a spouse under this section shall is not be required when husband and wife the spouses have been living separate and apart for a period of not less than 5 months before the making of the chattel mortgage or other lien. Enacting section 1. This amendatory act does not take effect unless Senate Joint Resolution ____ or House Joint Resolution F (request no. 00367'23) of the 102nd Legislature becomes a part of the state constitution of 1963 as provided in section 1 of article XII of the state constitution of 1963. | |
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| 25 | 25 | HOUSE BILL NO. 4785 | |
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| 29 | 29 | A bill to amend 1939 PA 21, entitled | |
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| 31 | 31 | "Regulatory loan act," | |
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| 33 | 33 | by amending section 17 (MCL 493.17), as amended by 2001 PA 270. | |
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| 35 | 35 | the people of the state of michigan enact: | |
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| 37 | 37 | Sec. 17. (1) An assignment of, or order for payment of, salary, wages, commissions, or other compensation for services, earned or to be earned, given to secure a loan made by a licensee under this act, shall is not be valid. A chattel mortgage or other lien on household goods then in the possession and use of the a borrower shall is not be valid unless it is in writing and signed in person by the borrower. | |
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| 39 | 39 | (2) If the a borrower is married, a chattel mortgage or other lien on household goods shall is not be valid unless it is signed in person by both husband and wife. spouses. The written assent of a spouse under this section shall is not be required when husband and wife the spouses have been living separate and apart for a period of not less than 5 months before the making of the chattel mortgage or other lien. | |
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| 41 | 41 | Enacting section 1. This amendatory act does not take effect unless Senate Joint Resolution ____ or House Joint Resolution F (request no. 00367'23) of the 102nd Legislature becomes a part of the state constitution of 1963 as provided in section 1 of article XII of the state constitution of 1963. |