The Michigan Daily - michigandaily.com Legislation that took effect yesterday t will place restrictions on credit cards From Page 1 "If you look at the way we're compensated, the number of accounts that are opened, the royalties that are generated, the legislation doesn't really affect the program," he said. The Alumni Association has partnered with Bank of America since 1991, according to Sigler. Currently, the two entities have a 10-year, $25 million contract that began in 2004, according to the contract between the partners. According to Sigler, there are approximately 75,000 accounts open under the contract, 400 of which belong to students. Betty Riess, senior vice presi- dent in corporate communi- cations of Bank of America, said student accounts generate roughly two percent of the rev- enue derived from the program and that Bank of America and the Alumni Association have not marketed on campus in roughly two years. "We've been in compliance with the laws for a while," she said. "Our program has always been targeted at non-students, and this just focuses that a little more." The law, which was wide- ly supported in Congress but opposed by many banks, will also make it mandatory for compa- nies to notify account holders of rising interest rates and spending limits at least 45 days in advance. It will also allow cardholders to pay offtheir highest debts first, which could be especially helpful to college students, according to Christine Lindstrom, director of the Education Project on Debt conducted by the United States Public Interest Research Groups. Lindstrom said the legislation could be "huge and very signifi- cant" for decreasing debt. "By giving the cardholder some ability to proactively fix the problems that they had, to get out from underneath the pen- alty interest rate, you can lower the debt that that person would otherwise face," Lindstrum said in an interview with the Daily in September. Though he said the Alumni Association's relationship with the bank doesn't stand to suffer from the new laws, Sigler said he thinks the legislation should have focused more on educating young consumers than sheltering them. "Having a credit card is as much a part of the education- al experience, the maturation process of going to college and being independent as anything else," he said. "To put that bar- rier in place does more of a dis- service to younger people than help them." Credit card companies have also warned that the laws will drive up prices and limit credit card availability when the coun- try's economy needs spending. School of Education junior Elizabeth Miller said she's happy about the new rules because the age requirement could help younger credit card applicants avoid debt in the first place. "I think it's good, because when you're just starting in col- lege and you're on your own, you're likely to spend too much money and get way too far into debt," she said. "But maybe 21 is a little late." But School of Education junior Stacey Weizeorick said that she thinks not all students need to have their financial behavior regulated by the government or supervised by their parents. "I think it'll be helpful to some, but like a lot of other age requirements, I don't think it should necessarily be a law for everybody," she said. LSA sophomore Laura King, said she thinks think the age requirement is unfairly inconsis- tent with other federal laws. "You can vote, you can go to war, you can decide if you want to get married, everything except drinking," King said. "At 18, you're technically an adult with a lot of legal responsibilities, and managing your money should be one of them." SENATE ASSEMBLY From Page 1 tions. "With that kind of change, as many relationships as we can start early - in other words, before they even take office - the better," she said. Wilbanks also discussed the state's budget for next year, focus- ing on diminishing state funds and the revamped Michigan Promise Scholarship. Michigan Gov. Jen- nifer Granholm recently proposed bringing the Michigan Promise Scholarship back as a tax credit for students who commit to staying in Michigan for a year following graduation instead of a merit-based scholarship. In addition, Wilbanks talked about proposed legislation that if passed, would allow students to carry concealed weapons on campus. The proposed bill would a override University policy that bans weapons on campus, but it would not supercede state law ban- ning concealed weapons in resi- dence halls, classrooms and arenas. "We were able to slow down the bill that would have eliminated the regents ability to make decisions about the safety of the campus with respect to carrying concealed weapons," Wilbanks said. "The bill is still pending in the (state), House and could be taken up at any moment by the committee that originally was looking at an entire package of bills related to liberaliz- ing gun laws." PESCOVITZ DISCUSSES FUTURE OF UMHS, NCRC Executive Vice President for Medical Affairs Ora Pescovitz also spoke at yesterday's Senate Assem- bly meeting and discussed the future of the University of Michi- gan Health System. Pescovitz emphasized UMHS's sizeable impact on campus, noting that it comprises about one half of Tuesday, February 23, 2010 - 7 the University in terms of money, space and staff. Pescovitz said when she was transitioning to the University about nine months ago, UMHS's finances were not as secure as they are now. She said foresight and planning by UMHS management before she arrived reduced expens- es for the system. "Our finances have stabilized," Pescovitz said. Pescovitz said UMHS is grow- ing in the number of people it will be able to serve. In addition to the opening of the North Campus Research Complex - which UMHS owns - UMHS is increasing the number of hospital beds Aside from the North Campus Research Complex, which Pesco- vitz discussed in detail, UMHS is growing in terms of number of peo- ple they will be able to serve. With the new C.S. Motts Children's and Von Voightlander Women's Hospi- tal the number of licensed beds will increase. Pescovitz also outlined her main goals for the future of UMHS. "When we look at the future of the health system we say that we are creating the future of heath care through discovery," she said. In addition to this goal, Pesco- vitz said she would like for the Uni- versity to become a leader in health care, health reform, biomedical innovation and medical and nurs- ing education. According to Pescovitz, UMHS is "knee deep" in a strategic planning process which was put into effect last September to help advance these goals. Pescovitz also discussed the NCRC, saying she was very excited about the potential of the complex to "really do unprecedented things to solve humankind's problems with respect to solutions to problems that have neverbeensolved before." She added that she hopes when the NCRC is fully functional, it will play a very large role in changing the economy locally, statewide and regionally. Davis has filed similar lawsuits before From Page 1 all applicable laws and hold itself to the same high standards it holds its students to. "It's very important for public bodies to be open and to adhere to the same legal regulations that they hold student-athletes to, like the NCAA regulations," Davis said. Davis said he tried to attend the private, hastily-called regents meeting, but was not permitted to do so. "I had gone to the meeting on Feb. 3 and had been denied entry and had requested meeting min- utes and was denied that," Davis said. "There comes a point where the law must be upheld." Davis said he hopes his lawsuit will encourage administrators to publicly release the minutes from the Feb. 3 meeting, to hold discus- sions on the NCAA investigation in an open meeting and ensure that a similar event doesn't happen again in the future. However, University officials have maintained no minutes exist for the meeting, a claim that Davis said he does not believe. "Every elementary law student or elementary student knows that any meeting of a public body must have (minutes)," he said. In an interview last night, University spokeswoman Kelly Cunningham said it would be pre- mature for her to comment on the lawsuit, since the University has yet to be officially served. However, last week Cunning- ham told the Daily she believed the University had acted appropriately when it held the private regents meeting at the beginning of Febru- ary. One of Davis's attorneys, Aina Watkins said this isn't the first time Davis has brought a suit like this, noting that he has filed sever- al suits regarding the Open Meet- ings Act in the past. "He just believes that pub- lic bodies need to keep the pub- lit informed about the decisions that they make regarding public employees or students, or things of that sort," she said. "That's his motivation, from me knowing him." It remains unclear what will happen with the case, but Watkins told the Daily yesterday the Uni- versity may want to settle the case because of the attention it has been receiving. "It's a big case and I think because of the national attention, the fact that this investigation has been going on since the summer, they may want to settle," Watkins said. "ButI have no idea because I haven't spoken to anyone." Davis said he will continue to pursue the issue, but admitted the University's legal resources may put a strain on his ability to persist in the case. "We're going to treat this as a full-fledged case and in the com- ing days we'll see how committed I am," Davis said. The NCAA's investigation into the Michigan football program was launched on Oct. 23, when NCAA Vice President for Enforce- ment David Price sent a letter of inquiry to Coleman. In the letter Price said he planned to complete the investiga- tion by Dec. 31, 2009, but said the date was not a formal deadline. The allegations against the Michigan football team were first brought fourth in an August 2009 report published in the Detroit Free Press. At the time, the Univer- sitylaunched an internalinvestiga- tion into the situation. University officials have not released any new information regarding the internal investigation. hhe wire~ FOLLOW THE DAILY'S NEWS BLOG michigandaily.com/blogs/the wire " 1100 Sq. Ft. Apts. 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FUNDRAISE for the U: Michigan Telefund, $9.25/hr. NEW campus location! Students apply @ www.telefund.umich.edu or 763-8773. MYSTERY SHOPPERS Ramn up to $155 per day. Exp. not Re- quired. Undercover Shoppers Needed to Judge Retail and Dining Establish- ments. Call 800-722-4791. STUDENTPAYOUTS.COM Paid survey takers needed inA2. 100% FREE to join. Click on Surveys. THESIS EDITING- LANGUAGE, organization, format. 25 yrs. U-M exp. 996-0566 or writeon@iserv.net SUMMER EMPLOYMENT WORK ON MACKINAC Island, this summer - Make lifelong friends. The Island House Hotel and Ryba's Fudge Shops are looking for seasonal help in all areas: Front Desk, Bell Staff, Sales Clerks, Baristas, and Kitchen Staff. Housing, bonus, and discounted meals available. Call Ryan 1 (906)847-7196. www.theislandhouse.com For Wednesday, Feb. 24, 2010 ARIES (March 21 to April 19) It's easy to feel generous and sympa- thetic toward family members today, especially parents and female relatives. Family gatherings will be warm and friendly. TAURUS (April 20 to May 20) You're in an upbeat, optimistic frame of mind. You feel good about your future. You have that feeling that some- thing better is around the corner. Glory hallelujah! GEMINI (May 21 to June 20) Trust your moneymaking ideas today. You easily will find ways to impress bosses, parents and VIPs, and in turn, this could lead to an increase in your earnings. Ka-ching! CANCER (June 21 toJuly 22) The Moon is in your sign today, mak- ing a lovely aspect to fair Venus and moneybags Jupiter. This is a positive, winning day for you! Go for it! LEO (July 23 to Aug. 22) You feel quietly content with the world today. You're pleased with how life is unfolding. In particular, relations with partners and close friends are rewarding and heartwarming. VIRGO (Aug. 23 to Sept. 22) A female acquaintance might help you at work today. Again, someone you know (probably a female) can help you with health issues today. Listen to the advice of others. LIBRA (Sept. 23 to Oct. 22) Parents, bosses, teachers and VIPs notice you today. For some reason, you catch the eye of everyone. In fact, prob- ably, aspects of your private life are sud- denly made public. Yikes! (You won't mind.) SCORPIO (Oct. 23 toNov. 21) Do something different today. Go someplace you've never been before. You will meet someone you truly like (perhaps love?) from another cultureror a different country. SAGITTARIUS (Nov. 22 to Dec. 21) Gifts, goodies and favors from others can come your way today. You definitely will benefit from the resources of others or the wealth of your partner. CAPRICORN (Dec. 22to Jan. 19) This is a wonderful day to schmooze with others, especially partners and close friends. Even dealings with the general public are positive and optimistic! AQUARIUS (Jan. 20 to Feb. 18) Everything having to do with your job will run quite smoothly today. You can expand things for some reason. Expect a raise, praise or good times with co-work- ers. Yay! PISCES (Feb. 19 to March 20) What a wonderful, creative day! You are in touch with your muse. Sports, vacations, playful activities with chil- dren, as well as romance and love affairs, are rewarding. Enjoy your day! YOU BORN TODAY You have a gen- erous heart. You're willing to give your time, your energy and even your wealth to others. Your challenge is to learn how to satisfy your desire to help others with- out compromising yourself. You're broad-minded and tolerant. Your year ahead will focus primarily on partner- ships and close friendships. This will be an unusually fortunate year for you. Yay! Birthdate of: Helen Shaver, actress; Paula Zahn, journalist; Alain Prost, race- car driver. 2010 King Features Syndicate, Inc.