A bill to amend 1966 PA 224, entitled “Retail installment sales act,” by amending section 3 (MCL 445.853), as amended by 2009 PA 232.
This bill requires retail installment contracts to be in writing, dated, signed by the buyer or their authorized representative, and to include specific details such as the names and addresses of the seller and buyer, a description of the goods or services, the cash sale price, down payment, official fees, insurance charges if applicable, and for vehicle transactions, the cost of any motor vehicle financial protection product. It mandates clear labeling as a "retail installment contract," a notice of the buyer's rights, and provisions for the delivery of the contract to the buyer, who has the right to rescind the contract under certain conditions.
Co-sponsored by Sens.
Referred to the Committee on Regulatory Affairs
