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MI HB4992
Bill
Status
12/31/2009
Primary Sponsor
Bertram Johnson
Click for details
AI Summary
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Allows guaranteed asset protection (GAP) waivers to be included in retail installment contracts for vehicles not subject to the motor vehicle sales finance act, with costs separately stated and not counted as finance charges.
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Requires retail sellers offering GAP waivers to comply with the guaranteed asset protection waiver act and federal Truth in Lending Act regulations.
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Maintains existing contract requirements including minimum 8-point type for printed portions, 10-point bold type for notices, and delivery of signed contract copies to buyers.
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Effective July 7, 2010, contingent on concurrent enactment of House Bills 4989, 4990, and 4991.
Legislative Description
Consumer protection; retail installment sales; guaranteed asset protection waivers in installment sales contract for certain vehicles; allow under retail installment sales act. Amends sec. 3 of 1966 PA 224 (MCL 445.853). TIE BAR WITH: HB 4989'09, HB 4990'09, HB 4991'09
Trade, vehicles
Last Action
Assigned Pa 232'09 With Immediate Effect 2009 Addenda
12/31/2009