SB 0747
Consumer protection: retail installment sales; citations to the motor vehicle sales finance act in the retail installment sales act; revise. Amends secs. 1a, 3, 5, 6 & 11 of 1966 PA 224 (MCL 445.851a et seq.). TIE BAR WITH: SB 0739'25
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Bill overview
This bill modifies the Retail Installment Sales Act (RSA) to align it more closely with the Truth in Lending Act and clarify certain requirements related to disclosures and financing. Specifically, it updates references to the Motor Vehicle Sales Finance Act and strengthens consumer protections by requiring specific disclosures about guaranteed asset protection waivers and consolidating retail installment contracts when a buyer makes subsequent purchases from the same seller. The bill also addresses scenarios involving mail or telephone sales and refinancing options.
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