Bill > SB0747

This bill updates Michigan's Retail Installment Sales Act by revising several key provisions related to retail installment contracts, which are agreements for purchasing goods or services through installment payments. The bill modifies requirements for contract formatting, content, and disclosure, including mandating that contracts be in at least 8-point type, contain specific consumer protection notices, and clearly detail various financial elements like cash sale price, down payment, insurance costs, and payment schedules. It also clarifies provisions for contracts negotiated by mail or telephone, allows for consolidation of multiple purchases under one contract, and provides rules for contract extensions, deferrals, and refinancing. Notably, the bill updates references to various legal codes, including the Truth in Lending Act, and includes specific provisions for guaranteed asset protection waivers on vehicle purchases. The bill is tied to another piece of legislation (Senate Bill 739) and will only take effect if that companion bill is also enacted. These changes aim to provide more transparency and consumer protections in retail installment sales transactions by standardizing contract requirements and ensuring buyers have clear, comprehensive information about their financial obligations.

Budget and Finance

https://legislature.mi.gov/Bills/Bill?ObjectName=2025-SB-0747