MI HB4052

Amends the Motor Vehicle Sales Finance Act to update the definition of "administrator" to mean the director of the department of insurance and financial services.

Expands the definition of "motor vehicle" to explicitly include recreational vehicles, with certain exclusions for non-motorized recreational vehicles sold under the retail installment sales act.

Provides detailed definitions for key terms used in installment sales contracts, including cash price, finance charge, down payment, collateral security, and security interest.

Clarifies definitions for installment buyers, sellers, sales finance companies, and licensed financial institutions engaged in motor vehicle financing.

Takes effect only upon enactment of House Bill 4053 of the 97th Legislature.