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MI HB5365
Bill
Status
11/14/2023
Primary Sponsor
Donavan McKinney
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AI Summary
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Changes "commissioner of the office of financial and insurance regulation" to "director of the department of insurance and financial services" for regulatory authority over guaranteed asset protection waivers
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Adds specific statutory citations (1950 (Ex Sess) PA 27 and 1966 PA 224) to definitions referencing the motor vehicle sales finance act and retail installment sales act
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Removes standalone definitions of "motor vehicle sales finance act" and "retail installment sales act" from the statute, consolidating references within individual term definitions
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Makes minor grammatical revisions including changing "must begin" to "begins" in the free look period definition and replacing "defined" with "described" for insurer definition
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Requires enactment of either Senate Bill No. ____ or House Bill No. 5354 (request no. 03158'23) for this bill to take effect (tie-bar provision)
Legislative Description
Consumer protection: other; citations to the motor vehicle sales finance act in the guaranteed asset protection waiver act; revise. Amends sec. 3 of 2009 PA 229 (MCL 492.23). TIE BAR WITH: HB 5354'23
Trade: vehicles
Last Action
Placed On Third Reading
12/13/2024