Bill > SB0739

This bill amends the Motor Vehicle Sales Finance Act to modernize and update regulations governing installment sales of motor vehicles in Michigan. The bill makes numerous changes across various sections of the existing law, including modifications to licensing requirements, definitions, contract provisions, and administrative procedures. Key provisions include establishing more detailed background check requirements for control persons of sales finance companies, updating fee structures for licenses and renewals, introducing new reporting and record-keeping standards, clarifying insurance and financing rules, and adding new enforcement mechanisms with potential civil fines and criminal penalties for violations. The bill also introduces the use of the Nationwide Multistate Licensing System (NMLS) for processing license applications and maintaining records, and provides more consumer protections by restricting certain fees and clarifying disclosure requirements for installment sale contracts. The bill's changes are designed to provide more transparency, standardization, and regulatory oversight in motor vehicle financing transactions, with a focus on protecting both businesses and consumers in the sales finance industry.

Budget and Finance

https://legislature.mi.gov/Bills/Bill?ObjectName=2025-SB-0739