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Bill > HB5362
MI 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
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 1995 PA 162, entitled"Credit reform act,"by amending sections 2 and 5 (MCL 445.1852 and 445.1855), section 2 as amended by 1996 PA 419.
AI Summary
This bill amends the Credit Reform Act by revising sections 2 and 5 of the act. The key changes include:
1) Updating the definition of "Commissioner" to refer to the Director of the Department of Insurance and Financial Services instead of the Commissioner of the Financial Institutions Bureau.
2) Expanding the definition of "Regulated Lender" to include any licensee under various Michigan financial services acts, such as the Consumer Financial Services Act, Motor Vehicle Sales Finance Act, and Regulatory Loan Act.
3) Clarifying that the written agreement for a credit sale under the Home Improvement Finance Act or Motor Vehicle Sales Finance Act may provide for precomputed interest if the rebate due at prepayment is calculated using the actuarial method.
This bill is tied to House Bill 5354 of the 102nd Legislature, meaning it will only take effect if that related bill is also enacted into law.
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-5362 |
| 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-5362.htm |
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