State License Search - Credit Card License

Credit Card License

The Office of Financial and Insurance Regulation issues credit card licenses to persons who issue unsecured loans or unsecured extensions of credit via any card or device under a credit card arrangement that gives a cardholder the privilege of obtaining credit from the card issuer or any other person in purchasing or leasing property or services, obtaining credit or loans, or otherwise.

A. NAME OF PERMIT OR APPROVAL:

Credit Card License

B. STATUTORY AUTHORITY:

Credit Card Arrangements Act, Public Act 379 of 1984, as amended, (MCL 493.101 et seq).

Related Codes and Acts

Credit Reform Act

C. APPLICABLE REGULATION: N/A

D. SUMMARY OF PERMIT/APPROVAL PROCESS:

1. Applicability

Anyone conducting the activity stated above except a state or national bank, state or federal savings and loan association, state or federal credit union, or a retail seller or other creditor under the Retail Installment Sales Act, Public Act 224 of 1966, as amended. If a state or national bank, state or federal savings and loan association, state or federal credit union, or a retail seller or other creditor under the Retail Installment Sales Act is authorized by law to use the rate authority provided in the Credit Card Arrangements Act (Act) and uses the rate authority provided in section 10 of the Act, the lender shall also comply with the other provisions of section 10 and with section 11.

2. Pre-Application Requirements

Individuals using their personal name on the application do not have pre-application requirements before submitting the application.
Individuals doing business under an assumed name must first file the assumed name with their local county clerk's office before submitting the application.
Legal entities (corporations, limited liability companies, limited partnerships, etc.) must have prior approval from the Michigan Corporation Division to conduct business in Michigan prior to submitting the application.