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MI SB0747
Bill
AI Summary
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Updates statutory citations in the Retail Installment Sales Act to reflect current formatting, including references to the Truth in Lending Act (15 USC 1601 to 1667f) and Motor Vehicle Sales Finance Act (MCL 492.101 to 492.137a)
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Reorganizes Section 3 from lettered subsections to numbered subsections with lettered subdivisions for improved clarity, while maintaining the same substantive requirements for retail installment contracts
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Modernizes language throughout by replacing gendered pronouns ("he or she," "his or her") with gender-neutral alternatives ("the individual's," "the buyer's," "the retail buyer")
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Adds explicit statutory citations for cross-referenced acts, including the Guaranteed Asset Protection Waiver Act (2009 PA 229, MCL 492.21 to 492.33) and Credit Reform Act (1995 PA 162, MCL 445.1851 to 445.1864)
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Contingent on enactment of Senate Bill No. 739 of the 103rd Legislature (tie bar provision)
Legislative Description
Consumer protection: retail installment sales; citations to the motor vehicle sales finance act in the retail installment sales act; revise. Amends secs. 1a, 3, 5, 6 & 11 of 1966 PA 224 (MCL 445.851a et seq.). TIE BAR WITH: SB 0739'25
Trade: vehicles
Last Action
Referred To Committee On Finance, Insurance, And Consumer Protection
12/16/2025