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Bill > HB5363
MI 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
summary
Introduced
11/14/2023
11/14/2023
In Committee
05/23/2024
05/23/2024
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
102nd Legislature
Bill Summary
A bill to amend 1988 PA 161, entitled"Consumer financial services act,"by amending sections 2 and 6 (MCL 487.2052 and 487.2056), as amended by 2006 PA 252.
AI Summary
This bill amends the Consumer Financial Services Act by revising sections 2 and 6. It updates terminology, such as changing "Office of Financial and Insurance Services" to "Department of Insurance and Financial Services," and expands the definition of "Financial Licensing Acts" to include additional acts, such as the Motor Vehicle Sales Finance Act, the Money Transmission Services Act, and the Mortgage Brokers, Lenders, and Servicers Licensing Act. The bill also modifies requirements for surety bonds or letters of credit that applicants must provide to secure their obligations under the act, and specifies how claims against those bonds or letters of credit can be filed and prioritized.
Committee Categories
Business and Industry, Justice
Sponsors (1)
Last Action
Placed On Third Reading (on 12/13/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://legislature.mi.gov/doc.aspx?2023-HB-5363 |
| 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-5363.htm |
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