MI HB5361

Updates citations to federal Truth in Lending Act from outdated Public Law 90-321 format to current 15 USC 1601 to 1667f standards in section 1a.

Restructures section 3 requirements for retail installment contracts by renumbering subsections into numbered paragraphs (1) through (5) and reorganizing contract content requirements with lettered subdivisions (a) through (n).

Adds reference to guaranteed asset protection waivers under 2009 PA 229 (MCL 492.21 to 492.33) as required disclosure item for vehicle purchases and establishes they are not considered finance charges.

Updates motor vehicle sales finance act citation from MCL 492.101 to 492.141 to MCL 492.101 to 492.137a in section 3(5)(f)(ii).

Makes technical corrections throughout including replacing gendered language ("his or her") with neutral alternatives ("the individual's," "the buyer"), changing "shall" to "must," and updating "prior to" to "before" for consistency.

Bill does not take effect unless House Bill 5354 or Senate Bill No. ____ of the 102nd Legislature is also enacted.