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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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill amends the Motor Vehicle Sales Finance Act of 1950 to modernize regulations surrounding installment sales of motor vehicles in Michigan. It updates various sections of the act, including definitions, licensing requirements, and procedures for examinations and compliance. The bill also establishes a process for the administrator to issue cease and desist orders and outlines requirements for maintaining business records and submitting reports. It ties this bill to SB 0740'25.
Key provisions
- Updates definitions of key terms such as ‘cash price,’ ‘finance charge,’ ‘installment buyer,’ and ‘installment sale contract.’
- Establishes a process for the administrator to issue cease and desist orders against licensees.
- Requires licensees to maintain records and provide them to the administrator for examination.
- Creates a system for the administrator to issue and enforce licenses, including requirements for bonding and fees.
- Outlines procedures for the administrator to investigate and examine licensees’ records and operations.
- Specifies requirements for submitting reports to the administrator.
- Addresses penalties for false statements in reports.
- Authorizes the administrator to enter into agreements with other regulatory agencies to share resources.
Who is affected
- Motor vehicle dealers
- Finance companies
- Consumers purchasing motor vehicles on installment plans
Bill text
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Document of record
- Version
- Senate Introduced Bill
- Published
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