MI HB4053

Amends the Retail Installment Sales Act (1966 PA 224) to modify definitions and terms used in regulating retail installment transactions.

Clarifies that "goods" includes merchandise certificates or coupons issued by retailers that are not redeemable in cash and must be used at face value for goods or services.

Excludes mobile homes (as defined in Michigan Vehicle Code) from the definition of "motor vehicle" under the act.

Defines key terms including "cash sale price," "principal balance," "time price differential," and "retail charge agreement" to govern how time-payment transactions are calculated and disclosed.

Effective date is contingent upon the enactment of House Bill No. 4052 of the 97th Legislature; the bill took effect immediately upon Governor approval on April 23, 2013.