MI SB0751

Updates the Guaranteed Asset Protection Waiver Act by changing the regulatory authority from the "commissioner of the office of financial and insurance regulation in the department of energy, labor, and economic growth" to the "director of the department of insurance and financial services"

Makes technical corrections to statutory citation formats by adding specific act references (e.g., "1950 (Ex Sess) PA 27" and "1966 PA 224") to definitions referencing the Motor Vehicle Sales Finance Act and Retail Installment Sales Act

Removes standalone definitions for "motor vehicle sales finance act" and "retail installment sales act" and renumbers remaining subsections accordingly

Modernizes grammatical language throughout by replacing "the term" with direct definitional references (e.g., "Borrower includes" instead of "The term includes")

Contingent enactment: takes effect only if Senate Bill No. 739 of the 103rd Legislature is enacted into law