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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Progress
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- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
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 vehicle sales. It updates references to the Motor Vehicle Sales Finance Act and addresses issues like guaranteed asset protection waivers and consolidation of retail installment contracts. The bill aims to improve consumer protection by ensuring clearer and more comprehensive disclosures in retail installment agreements.
Key provisions
- Updates references to the Truth in Lending Act and the Motor Vehicle Sales Finance Act.
- Specifies requirements for disclosures related to guaranteed asset protection waivers for vehicles.
- Addresses the consolidation of retail installment contracts when a buyer makes subsequent purchases from the same seller.
- Clarifies procedures for refinancing retail installment contracts.
- Modifies requirements for retail installment contracts negotiated by mail or telephone.
- Updates provisions regarding the delivery of retail installment contracts to buyers.
- Addresses the calculation and presentation of time price differentials.
- Requires sellers to provide a statement showing how partial refunds of the finance charge are computed.
Who is affected
- Retail buyers
- Retail sellers
- Financial institutions
- Automobile dealerships
- Consumers purchasing goods on installment plans
Bill text
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- Senate Introduced Bill
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