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MI HB5431
Bill
Status
10/20/2021
Primary Sponsor
John Damoose
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AI Summary
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Changes mandatory language in motor vehicle installment sale contracts from "shall" to "must" throughout Section 13 of the Motor Vehicle Sales Finance Act.
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Renames "guaranteed asset protection waiver" to "motor vehicle financial protection product" and updates all related references in the statute.
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Adds specific citation to 2009 PA 229, MCL 492.21 to 492.34, when referencing the motor vehicle financial protection products act.
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Makes minor grammar corrections, including changing "agreed upon" to "agreed on" and capitalizing "Consumer Price Index" and "Department of Labor, Bureau of Labor Statistics."
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Takes effect 180 days after enactment and is contingent upon passage of Senate Bill No. ____ or House Bill No. 5429 (request no. 04458'21) in the 101st Legislature.
Legislative Description
Trade: vehicles; motor vehicle sales finance act; revise reference to the guaranteed asset protection waiver act. Amends sec. 13 of 1950 (Ex Sess) PA 27 (MCL 492.113).
Trade: vehicles
Last Action
Referred To Second Reading
5/10/2022