MI HB4281

Requires used motor vehicle dealers to offer consumers a contract cancellation option agreement for vehicles priced at $50,000 or less, allowing return without cause within 2 days of purchase

Consumers who purchase the cancellation option may drive up to 150 miles during the 2-day period and have the vehicle inspected by a mechanic of their choice

Sets maximum fees dealers can charge for the cancellation option: $75 for vehicles $5,000 or less, $150 for $5,001-$10,000, $250 for $10,001-$30,000, and 1% for $30,001-$50,000

Allows dealers to charge restocking fees upon vehicle return: up to $175 for vehicles $5,000 or less, $350 for $5,001-$10,000, and $500 for $10,001-$50,000

Exempts motorcycles, off-highway vehicles, vehicles over $50,000, private party sales, and new motor vehicle dealers from the requirements; takes effect 180 days after enactment