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MI HB4711
Bill
Status
6/7/2011
Primary Sponsor
Kenneth Kurtz
Click for details
AI Summary
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Amends the Retail Installment Sales Act (1966 PA 224) to reorganize and clarify definitions in Section 2 (MCL 445.852).
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Redefines "motor vehicle" to reference the definition in the Motor Vehicle Sales Finance Act (1950 PA 27, MCL 492.102) instead of providing a detailed statutory definition.
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Removes the previous detailed list of excluded items (mobile homes, tractors, motorcycles, trailers, agricultural machinery, etc.) from the motor vehicle definition.
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Reorganizes and renumbers multiple definitional terms including "goods," "services," "holder," "retail buyer," "retail seller," "retail installment transaction," "retail charge agreement," "retail installment contract," "time price differential," and "time sale price."
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Contingent on enactment of House Bill 4710 or Senate Bill No. ____ (referenced as request no. 01200'11) of the 96th Legislature.
Legislative Description
Trade; vehicles; application of retail installment sales act; exclude nonmotorized recreational vehicles. Amends sec. 2 of 1966 PA 224 (MCL 445.852). TIE BAR WITH: HB 4710'11
Trade, vehicles
Last Action
Referred To Committee On Finance
12/5/2012