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Bill > HB5354


MI HB5354

Trade: vehicles; motor vehicle sales finance act; modify. Amends title & secs. 2, 4, 5, 6, 6a, 7, 8, 9, 10, 11, 12, 13, 13a, 14, 14a, 15, 16, 16a, 17, 18, 19, 20, 21, 22, 22a, 28, 29, 30, 31 & 34 of 1950 (Ex Sess) PA 27 (MCL 492.102 et seq.); adds secs. 4a, 9a & 37a & repeals secs. 37 & 41 of 1950 (Ex Sess) PA 27 (MCL 492.137 & 492.141). TIE BAR WITH: HB 5355'23, HB 5356'23, HB 5357'23, HB 5358'23, HB 5359'23, HB 5360'23, HB 5361'23, HB 5362'23, HB 5363'23, HB 5364'23, HB 5365'23, HB 5366'23, HB


summary

Introduced
11/14/2023
In Committee
05/23/2024
Crossed Over
Passed
Dead
12/31/2024

Introduced Session

102nd Legislature

Bill Summary

A bill to amend 1950 (Ex Sess) PA 27, entitled"Motor vehicle sales finance act,"by amending the title and sections 2, 4, 5, 6, 6a, 7, 8, 9, 10, 11, 12, 13, 13a, 14, 14a, 15, 16, 16a, 17, 18, 19, 20, 21, 22, 22a, 28, 29, 30, 31, and 34 (MCL 492.102, 492.104, 492.105, 492.106, 492.106a, 492.107, 492.108, 492.109, 492.110, 492.111, 492.112, 492.113, 492.113a, 492.114, 492.114a, 492.115, 492.116, 492.116a, 492.117, 492.118, 492.119, 492.120, 492.121, 492.122, 492.122a, 492.128, 492.129, 492.130, 492.131, and 492.134), section 2 as amended by 2013 PA 16, section 4 as amended and section 6a as added by 2004 PA 283, sections 5, 6, and 7 as amended by 1988 PA 242, section 12 as amended by 1994 PA 2, section 13 as amended by 2009 PA 231, section 13a as added by 2005 PA 319, section 14 as amended by 2000 PA 361, section 14a as amended by 1980 PA 77, section 17 as amended by 2006 PA 302, section 18 as amended by 2002 PA 699, sections 19, 20, 21, and 31 as amended by 1995 PA 166, and section 22a as amended by 1993 PA 107, and by adding sections 4a, 9a, and 37a; and to repeal acts and parts of acts.

AI Summary

This bill amends the Motor Vehicle Sales Finance Act to make several changes, including: - Modifying the license application and renewal process, including allowing the administrator to use the Nationwide Multistate Licensing System (NMLS) and requiring control persons of sales finance company applicants or licensees to submit fingerprints and personal history information. - Requiring sales finance companies to maintain a surety bond and pay license fees, with the fees going into a newly created Motor Vehicle Sales Finance Act Fund to be used to administer and enforce the Act. - Authorizing the administrator to issue cease and desist orders against licensees engaging in practices that pose a threat or violate laws. - Revising requirements for record-keeping, examinations, and reporting by licensees. - Prohibiting certain contract terms and practices, such as acceleration clauses, unlawful repossession, and waivers of legal remedies. - Modifying provisions related to insurance, refinancing, default charges, prepayment, and the return of documents upon full payment. - Establishing civil and criminal penalties for violations of the Act. The bill also repeals sections 37 and 41 of the existing Act, and includes several tie-bar provisions with other related bills.

Committee Categories

Business and Industry, Justice

Sponsors (1)

Last Action

Placed On Third Reading (on 12/13/2024)

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