SB 0739
Trade: vehicles; motor vehicle sales finance act; modify. Amends (See bill) & repeals secs. 37 & 41 of 1950 (Ex Sess) PA 27 (MCL 492.137 & 492.141). TIE BAR WITH: SB 0740'25
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Bill overview
This bill amends the Motor Vehicle Sales Finance Act (MVSFA) to modernize regulations surrounding installment sales of motor vehicles. It repeals specific sections from 1950 and incorporates updates from 2004 and 2024, clarifying definitions of key terms like ‘cash price,’ ‘collateral security,’ and ‘finance charge.’ The bill also establishes a framework for licensing and regulating sales finance companies and installment sellers, including requirements for background checks and bond filings, and aims to ensure consumer protections within the vehicle financing industry.
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