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MI HB5430
Bill
Status
10/20/2021
Primary Sponsor
Angela Witwer
Click for details
AI Summary
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Replaces "shall" with "must" throughout Section 3 of the Retail Installment Sales Act to modernize statutory language.
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Changes references from "guaranteed asset protection waiver" to "motor vehicle financial protection product" and updates all related citations to 2009 PA 229, MCL 492.21 to 492.34.
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Clarifies that motor vehicle financial protection product costs must be separately stated and are not considered finance charges or interest under the Truth in Lending Act and its regulations.
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Takes effect 180 days after enactment and applies only to motor vehicle financial protection products that become effective on or after that date.
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Bill does not take effect unless Senate Bill No. ____ or House Bill No. 5429 is also enacted into law.
Legislative Description
Consumer protection: retail installment sales; retail installment sales act; revise reference to the guaranteed asset protection waiver act. Amends sec. 3 of 1966 PA 224 (MCL 445.853).
Consumer protection: retail installment sales
Last Action
Referred To Second Reading
5/10/2022