MI SB0739

Transfers regulatory authority over motor vehicle installment sales and sales finance companies from the financial institutions bureau to the Department of Insurance and Financial Services (DIFS)

Changes license expiration dates from July 1 to December 31 annually, allows extended licensing periods up to 4 years for installment sellers, and establishes new fee structures including base fees up to $150 for installment sellers and $500 for sales finance companies

Requires sales finance company control persons to submit fingerprints for FBI background checks, credit reports, and criminal history information through the Nationwide Multistate Licensing System (NMLS)

Prohibits charging fees for extending due dates or deferring payments on installment contracts entered into after the effective date, and requires finance charges to be computed on unpaid principal balance based on actual days elapsed rather than precomputed interest

Establishes civil fines up to $5,000 for false statements in required records and makes unlicensed activity a felony punishable by up to 3 years imprisonment and/or $15,000 fine