A bill to amend 1950 (Ex Sess) PA 27, entitled “Motor vehicle sales finance act,” by amending the title and sections 2, 4, 5, 6, 6a, 7, 8, 9, 10, 11, 12, 13, 13a, 14, 14a, 15, 16, 16a, 17, 18, 19, 20, 21, 22, 22a, 28, 29, 30, 31, and 34 (MCL 492.102, 492.104, 492.105, 492.106, 492.106a, 492.107, 492.108, 492.109, 492.110, 492.111, 492.112, 492.113, 492.113a, 492.114, 492.114a, 492.115, 492.116, 492.116a, 492.117, 492.118, 492.119, 492.120, 492.121, 492.122, 492.122a, 492.128, 492.129, 492.130, 492.131, and 492.134), section 2 as amended by 2013 PA 16, section 4 as amended and section 6a as added by 2004 PA 283, sections 5, 6, and 7 as amended by 1988 PA 242, section 12 as amended by 1994 PA 2, section 13 as amended by 2009 PA 231, section 13a as added by 2005 PA 319, section 14 as amended by 2000 PA 361, section 14a as amended by 1980 PA 77, section 17 as amended by 2006 PA 302, section 18 as amended by 2002 PA 699, sections 19, 20, 21, and 31 as amended by 1995 PA 166, and section 22a as amended by 1993 PA 107, and by adding sections 4a, 9a, and 37a; and to repeal acts and parts of acts.
Amends the Motor Vehicle Sales Finance Act to make several changes regarding the licensing of sales finance companies and installment sellers and the penalties prescribed by the act. The bill would likely increase revenue for the Department of Insurance and Financial Services, namely by revising language related to licensing fees. A more detailed examination of potential revenue impacts is forthcoming. The bill would not be anticipated to have an appreciable impact on DIFS’ costs. The bill also would have an indeterminate fiscal impact on the state and on local units of government related to criminal penalties and civil fines.
Introduced
by
Referred to the Committee on Judiciary
Referred to the Committee on Insurance and Financial Services
Reported without amendment
Substitute H-1 offered
by
The substitute passed by voice vote
