Consumer credit: collection practices; consumer protection act exemptions; modify. Amends sec. 4 of 1976 PA 331 (MCL 445.904). TIE BAR WITH: HB 6418'26

1. **ONE-SENTENCE SUMMARY:** This bill modifies exemptions in the Michigan Consumer Protection Act related to consumer credit collection practices. 2. **KEY REQUIREMENTS:** - Review and update your consumer credit collection practices to ensure compliance with the modified exemptions. - Ensure that any collection communications are transparent and fair, adhering to the new standards outlined in the bill. 3. **DEADLINES:** - The bill is currently in the introduction stage; monitor for updates on the effective date once passed. 4. **PENALTIES:** - Non-compliance may result in fines or legal action from consumers or regulatory bodies, though specific penalties will be outlined once the bill is enacted. 5. **SMB IMPACT:** Small businesses that engage in consumer credit collection will need to adjust their practices to comply with the new rules, which may require additional training or policy changes to avoid penalties.