MI SB1408

Replaces requirement that dealers "retain and have in immediate possession" the assigned certificate of title with new requirement to "maintain proof of ownership and accurate odometer information" for vehicles held for resale.

Removes requirement that dealers obtain a certificate of title for salvage vehicles before operating them under dealer's license plates.

Adds new subsection (6) requiring dealers to obtain a certificate of title for salvage vehicles before operating them under dealer registration plates.

Allows dealers to sell vehicles subject to inventory loans while the certificate of title remains in the lender's possession, requiring the lender to deliver the title within 5 days after receiving payment or a sworn statement from the buyer evidencing ordinary course of business status.

Permits dealers to sell buyback and off-lease vehicles before obtaining the certificate of title, with manufacturers required to mail titles within 5 business days and lessors within 21 days.