129.244 Total combined authorized credit limit; limitation; payment of balance, annual fee, and interest.
85 words·~1 min read·
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129.244 Total combined authorized credit limit; limitation; payment of balance, annual fee, and interest.
Sec. 4.
(1)The total combined authorized credit limit of all credit cards issued by a local unit shall not exceed 5% of the total budget of the local unit for the current fiscal year.
(2)The governing body of a local unit may include in its budget and pay the balance due on any credit cards, including the annual fee and interest.
History: 1995, Act 266, Eff. July 8, 1996