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MI HB4991
Bill
Status
12/31/2009
Primary Sponsor
Bertram Johnson
Click for details
AI Summary
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Authorizes guaranteed asset protection waivers to be included in motor vehicle installment sale contracts, requiring sellers to comply with the guaranteed asset protection waiver act.
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Specifies that guaranteed asset protection waiver costs must be separately stated and are not considered finance charges or interest under the Truth in Lending Act.
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Establishes a documentary preparation fee capped at 5% of the vehicle's cash price or $160, whichever is less, with automatic adjustments every 2 years based on the consumer price index.
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Requires installment sale contracts to include specific itemized disclosures including cash price, down payment, unpaid balance, insurance costs, finance charges, and payment schedules.
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Effective July 7, 2010, contingent upon enactment of House Bills 4989, 4990, and 4992 of the 95th Legislature.
Legislative Description
Consumer protection; retail installment sales; guaranteed asset protection waivers in installment sales contracts for certain vehicles; allow under motor vehicle sales finance act. Amends sec. 13 of 1950 (Ex Sess) PA 27 (MCL 492.113). TIE BAR WITH: HB 4989'09, HB 4990'09, HB 4992'09
Trade, vehicles
Last Action
Assigned Pa 231'09 With Immediate Effect 2009 Addenda
12/31/2009