Commercial code: other; citations to the motor vehicle sales finance act; revise. Amends sec. 9201 of 1962 PA 174 (MCL 440.9201). 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 amends the Michigan Commercial Code to ensure that security agreements comply with various state and federal laws related to financial transactions. Specifically, it updates Section 9201 to require adherence to the Regulatory Loan Act, the Motor Vehicle Sales Finance Act, and several other acts and codes governing consumer protection and specific industries. The bill also establishes that if there's a conflict between the Commercial Code and these other laws, the latter takes precedence.
Key provisions
- Requires security agreements to comply with the Regulatory Loan Act.
- Requires security agreements to comply with the Motor Vehicle Sales Finance Act.
- Mandates compliance with a range of other state laws and codes, including those related to mobile homes, vehicles, grain dealers, family farms, natural resources, and retail installment sales.
- Establishes that applicable rules of law, statutes, or regulations take precedence over the Commercial Code in case of conflict.
- Specifies that non-compliance with referenced statutes or regulations only has the effect those regulations specify.
- States that the bill does not validate rates or practices that violate other laws.
- Links the bill's effectiveness to the passage of Senate Bill 739.
Who is affected
- Financial institutions
- Motor vehicle dealers
- Consumers
- Businesses involved in secured transactions
Bill text
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- Senate Introduced Bill
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