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MI HB5144
Bill
Status
12/10/2015
Primary Sponsor
Michael McCready
Click for details
AI Summary
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Requires buyers in weekly installment sale contracts for motor vehicles to provide insurance on the vehicle at their own expense and submit current proof of insurance to the seller at least monthly.
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Mandates that installment sale contracts include a provision allowing repossession of the motor vehicle if the buyer fails to provide proof of insurance as required.
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Applies only to installment sale contracts that specify weekly payment schedules from buyer to seller.
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Takes effect 90 days after enactment into law.
Legislative Description
Trade; vehicles; certain installment sale vehicle buyers; require monthly proof of insurance to seller. Amends 1950 (Ex Sess) PA 27 (MCL 492.101 - 492.141) by adding sec. 16b.
Trade: vehicles
Last Action
Printed Bill Filed 12/11/2015
12/15/2015