SB 0749
Consumer protection: other; citations to the motor vehicle sales finance act in the consumer financial services act; revise. Amends secs. 2 & 6 of 1988 PA 161 (MCL 487.2052 & 487.2056). 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 revises the Consumer Financial Services Act to clarify and standardize citations to the Motor Vehicle Sales Finance Act. It defines key terms related to financial licensing, including ‘applicant,’ ‘licensee,’ and ‘loan servicing activities,’ and outlines requirements for surety bonds to protect consumers. Specifically, it ensures that surety bonds cover obligations related to the Motor Vehicle Sales Finance Act, the Sale of Checks Act, and the Money Transmission Services Act, safeguarding individuals who have interacted with licensed financial businesses.
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