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MI SB0034
Bill
Status
1/16/2013
Primary Sponsor
Tonya Schuitmaker
Click for details
AI Summary
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Changes the definition of "guaranteed asset protection waiver" to include waivers that cover death or disability of the borrower, in addition to total physical damage loss or unrecovered theft of a motor vehicle.
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Replaces references to the "Department of Energy, Labor, and Economic Growth" with "Department of Licensing and Regulatory Affairs" in the definition of "Commissioner."
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Maintains the requirement for a minimum 30-day free look period during which borrowers may cancel a guaranteed asset protection waiver without penalty, fees, or costs.
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Defines key terms for the guaranteed asset protection waiver program, including "Administrator," "Borrower," "Creditor," "Finance Agreement," and "Motor Vehicle."
Legislative Description
Consumer protection; retail installment sales; guaranteed asset protection waivers; include waiver agreements conditioned on death or disability of borrower. Amends sec. 3 of 2009 PA 229 (MCL 492.23).
Trade, vehicles
Last Action
Referred To Committee On Regulatory Reform
1/16/2013