Limits the amount of certain credit service charges in motor vehicle retail installment contracts.
Authorizes the superintendent of financial services to oversee and regulate car dealer transactions with consumers; requires motor vehicle retail installment contracts to include an itemized listing of all costs related to the purchase of a motor vehicle and disclosure of the prohibition of conditional delivery; requires motor vehicle dealers to provide credit applicants with copies of all credit application documents; prohibits the conditional delivery of a motor vehicle.
AN ACT relating to retail installment contracts.
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: SB 0739'25
Electronic Payments of Retail Installment Contracts
Extends the interest rate caps and criminal usury framework to covered services including but not limited to, retail installment contracts, merchant cash advances, invoice financing, revenue-based financing, or any transaction that in substance functions as the advance of funds in exchange for a future payment or obligation, regardless of the label assigned to such transaction.
Requires every franchisor, including its affiliates and subsidiaries to properly fulfill any warranty agreement and/or franchisor's service contract and to compensate each of its franchised motor vehicle dealers for warranty parts and labor, including but not limited to all warranty repairs, extended service contract repairs, extended warranty repairs, campaigns, service bulletins, policy repairs, component part warranties, factory compensated repairs, recalls, diagnostics, parts and other voluntary stop-sell repairs, and any other franchisor compensated repairs; relates to reimbursement to a motor vehicle dealer from a motor vehicle franchisor.
Requires every franchisor, including its affiliates and subsidiaries to properly fulfill any warranty agreement and/or franchisor's service contract and to compensate each of its franchised motor vehicle dealers for warranty parts and labor, including but not limited to all warranty repairs, extended service contract repairs, extended warranty repairs, campaigns, service bulletins, policy repairs, component part warranties, factory compensated repairs, recalls, diagnostics, parts and other voluntary stop-sell repairs, and any other franchisor compensated repairs; relates to reimbursement to a motor vehicle dealer from a motor vehicle franchisor.
Alcoholic beverages; allowing certain distributors to issue certain credit to certain retailer; limiting number of certain credits. Effective date.
Revise product contracts, vehicle agreements, motor vehicle laws