A bill to amend 1950 (Ex Sess) PA 27, entitled “Motor vehicle sales finance act,” by amending sections 2, 12, 13, and 18 (MCL 492.102, 492.112, 492.113, and 492.118), section 2 as amended by 2013 PA 16, section 12 as amended by 1994 PA 2, section 13 as amended by 2009 PA 231, and section 18 as amended by 2002 PA 699, and by adding section 12a.
This bill proposes updates to sections 2, 12, 13, and 18, adds a new section 12a, and integrates amendments from 2002, 2009, 1994, and 2013. It seeks to clarify and expand definitions such as "administrator," "cash price," "finance charge," and introduces terms like "installment seller" and "licensed financial institution." The bill focuses on the execution of motor vehicle installment sale contracts for personal use, detailing the sale of recreational vehicles, principal amount financed, and public sale procedures. It mandates written contracts with essential provisions, buyer's rights to copies, and clear disclosure of subscription service terms, aiming to enhance transparency and fairness in motor vehicle financing.
Introduced
by
Referred to the Committee on Transportation and Infrastructure
