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MI SB0345

Bill

Official Source

Status

Introduced

5/23/2023

Primary Sponsor

John Damoose

Click for details

Origin

Senate

102nd Legislature

AI Summary

  • Changes "shall" to "must" throughout Section 13 of the Motor Vehicle Sales Finance Act for modernized language.

  • Replaces "guaranteed asset protection waiver" terminology with "motor vehicle financial protection product" and updates references to 2009 PA 229, MCL 492.21 to 492.34.

  • Updates capitalization and grammar including "Consumer Price Index" and "the buyer's" to replace gendered pronouns throughout installment sale contract requirements.

  • Clarifies that motor vehicle financial protection products must comply with the Truth in Lending Act (15 USC 1601 to 1667f) and implementing regulations (12 CFR part 226).

  • Takes effect 180 days after enactment and is contingent upon Senate Bill No. 343 of the 102nd Legislature being enacted into law.

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). TIE BAR WITH: SB 0343'23

Trade: vehicles

Last Action

Referred To Committee On Regulatory Affairs

5/23/2023

Committee Referrals

Regulatory Affairs5/23/2023

Full Bill Text

No bill text available