Bill > SB0740

This bill amends the Michigan Vehicle Code to update several provisions related to vehicle titles, security interests, and associated fees. The bill modifies how security interests are recorded and transferred, introducing new requirements for dealers and financial institutions when handling vehicle titles. Specifically, it adds a provision requiring written notice when a person rejects or reassigns a motor vehicle lease or installment sale contract, mandating that the Department of State immediately issue a new title reflecting the change. The bill also creates a new Motor Vehicle Sales Finance Act Fund and establishes a $3.00 fee for dealers submitting title applications, with provisions for adjusting this fee every two years based on administrative costs. Additionally, the bill updates fee structures for title applications, introducing different rates for electronic title transfers between dealers and maintaining existing fees for salvage and scrap vehicle titles. The bill is tie-barred with Senate Bill 739, meaning it will only take effect if that companion bill is also enacted. The changes aim to streamline title transfer processes, provide more clarity for dealers and financial institutions, and ensure proper fund allocation for administrative purposes.

Budget and Finance

https://legislature.mi.gov/Bills/Bill?ObjectName=2025-SB-0740