Occupations: lobbyists; citations to the motor vehicle sales finance act in 1978 PA 472; revise. Amends sec. 4 of 1978 PA 472 (MCL 4.414). TIE BAR WITH: SB 0739'25
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Progress
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- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill revises the definition of "gift" within the Motor Vehicle Sales Finance Act of 1978 (MCL 4.414). Specifically, it clarifies that loans made by certain financial institutions, such as banks and credit unions, are not considered gifts. The bill also clarifies the definition of ‘immediate family’ and includes exceptions for certain gifts, including campaign contributions, family gifts, and contributions to legal defense funds related to official duties.
Key provisions
- Clarifies that loans from specific financial institutions are not considered gifts.
- Defines ‘gift’ as a payment, advance, forbearance, or anything of value exceeding $25 in a month, unless there’s equal consideration.
- Excludes campaign contributions from the definition of ‘gift’.
- Specifies that ‘immediate family’ includes children residing in the household, a spouse, and dependents for tax purposes.
- Lists specific types of gifts that are excluded, including family gifts and contributions to legal defense funds.
- Includes a provision that the amendment is contingent on the enactment of Senate Bill 739.
Who is affected
- Lobbyists
- Legislators
- Financial Institutions
- Campaign Finance Committees
- Individuals receiving gifts
Notable changes
- Expands the definition of ‘loan’ to include transfers of money or property for repayment.
Bill text
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- Senate Introduced Bill
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