Bill
Bill > HB5361
MI 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
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 1966 PA 224, entitled"Retail installment sales act,"by amending sections 1a, 3, 5, 6, and 11 (MCL 445.851a, 445.853, 445.855, 445.856, and 445.861), section 1a as amended by 1993 PA 112, section 3 as amended by 2009 PA 232, and section 11 as amended by 1995 PA 167.
AI Summary
This bill amends the Retail Installment Sales Act to revise provisions related to retail installment sales, including compliance with the Truth in Lending Act, requirements for retail installment contracts, provisions for mail or telephone transactions, rules for consolidating multiple purchases, and guidelines for extending or refinancing contracts. The bill ties its enactment to the passage of another bill, House Bill 5354.
Committee Categories
Business and Industry, Justice
Sponsors (2)
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-5361 |
| 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-5361.htm |
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