A bill to amend 1950 (Ex Sess) PA 27, entitled “Motor vehicle sales finance act,” by amending section 13 (MCL 492.113), as amended by 2009 PA 231.
Mandates the inclusion of comprehensive details in installment sale contracts, such as the full names and addresses of all parties, the signing date, a detailed vehicle description, and a breakdown of financial details including the cash price of the vehicle, taxes, accessory costs, extended warranties, service contracts, and a documentary preparation fee capped at 5% of the vehicle's cash price or $160, whichever is less, subject to biennial adjustments based on the Consumer Price Index.
Co-sponsored by Sens.
Referred to the Committee on Regulatory Affairs
