MI HB6182

Requires a person who refuses to purchase or finance an installment sale contract after being assigned a security interest to notify the installment seller, buyer, and department on the same day, and reassign the security interest back to the installment seller.

Adds definitions of "installment buyer," "installment sale contract," and "installment seller" by reference to the motor vehicle sales finance act (1950 PA 27, MCL 492.102).

Makes minor clarifying language changes throughout the statute, including replacing "shall" with "must" and "Upon" with "On" for consistency in vehicle code provisions.

Preserves existing provisions regarding security interest assignments, termination statements, and electronic processing of vehicle title liens and security interests.