MI HB5354

Bill

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

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)

Phil Skaggs (D)*,

Last Action

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

Official Document

http://legislature.mi.gov/doc.aspx?2023-HB-5354

(13 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	http://legislature.mi.gov/doc.aspx?2023-HB-5354
Fiscal Note/Analysis - House: Summary as Reported from Committee	https://legislature.mi.gov/documents/2023-2024/billanalysis/House/pdf/2023-HLA-5354-19673AFB.pdf
Fiscal Note/Analysis - House: Summary as Introduced	https://legislature.mi.gov/documents/2023-2024/billanalysis/House/pdf/2023-HLA-5354-C5F0835A.pdf
BillText	http://www.legislature.mi.gov/documents/2023-2024/billintroduced/House/htm/2023-HIB-5354.htm

Bill	Bill Name	Last Action	Type
HB5355	Criminal procedure: sentencing guidelines; sentencing guidelines for motor vehicle sales finance violations; modify. Amends sec. 14p, ch. XVII of 1927 PA 175 (MCL 777.14p). TIE BAR WITH: HB 5354'23	Placed On Third Reading	Same As
HB5356	Occupations: lobbyists; citations to the motor vehicle sales finance act in 1978 PA 472; revise. Amends sec. 4 of 1978 PA 472 (MCL 4.414). TIE BAR WITH: HB 5354'23	Placed On Third Reading	Same As
HB5357	Environmental protection: other; citations to the motor vehicle sales finance act in the natural resources and environmental protection act; revise. Amends sec. 20101 of 1994 PA 451 (MCL 324.20101). TIE BAR WITH: HB 5354'23	Placed On Third Reading	Same As
HB5358	Commercial code: other; citations to the motor vehicle sales finance act; revise. Amends sec. 9201 of 1962 PA 174 (MCL 440.9201). TIE BAR WITH: HB 5354'23	Placed On Third Reading	Same As
HB5359	Consumer protection: identity theft; citations to the motor vehicle sales finance act in the identity theft protection act; revise. Amends sec. 3 of 2004 PA 452 (MCL 445.63). TIE BAR WITH: HB 5354'23	Placed On Third Reading	Same As
HB5360	Consumer protection: solicitations; citations to the motor vehicle sales finance act in 1971 PA 227; revise. Amends sec. 1 of 1971 PA 227 (MCL 445.111). TIE BAR WITH: HB 5354'23	Placed On Third Reading	Same As
HB5361	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: HB 5354'23	Placed On Third Reading	Same As
HB5362	Consumer protection: other; citations to the motor vehicle sales finance act in the credit reform act; revise. Amends secs. 2 & 5 of 1995 PA 162 (MCL 445.1852 & 445.1855). TIE BAR WITH: HB 5354'23	Placed On Third Reading	Same As
HB5363	Consumer protection: other; citations to the motor vehicle sales finance act in the consumer financial services act; revise. Amends secs. 2 & 6 of 1988 PA 161 (MCL 487.2052 & 487.2056). TIE BAR WITH: HB 5354'23	Placed On Third Reading	Same As
HB5364	Financial institutions: payday lending; citations to the motor vehicle sales finance act in the deferred presentment service transactions act; revise. Amends sec. 2 of 2005 PA 244 (MCL 487.2122). TIE BAR WITH: HB 5354'23	Placed On Third Reading	Same As
HB5365	Consumer protection: other; citations to the motor vehicle sales finance act in the guaranteed asset protection waiver act; revise. Amends sec. 3 of 2009 PA 229 (MCL 492.23). TIE BAR WITH: HB 5354'23	Placed On Third Reading	Same As
HB5366	Property: other; citations to the motor vehicle sales finance act in 1846 RS 65; revise. Amends sec. 25 of 1846 RS 65 (MCL 565.25). TIE BAR WITH: HB 5354'23	Placed On Third Reading	Same As
HB5367	Crimes: other; citations to the motor vehicle sales finance act in the Michigan penal code; revise. Amends secs. 219e & 219f of 1931 PA 328 (MCL 750.219e & 750.219f). TIE BAR WITH: HB 5354'23	Placed On Third Reading	Same As

Bill > HB5354

MI HB5354

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (1)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary