MI
Michigan House Bill HB5354

Michigan 2023-2024 Regular Session

Michigan House Bill HB5354

Introduced
11/14/23  
Refer
11/14/23  
Refer
1/10/24  

Caption

Trade: vehicles; motor vehicle sales finance act; modify. Amends title & secs. 2, 4, 5, 6, 6a, 7, 8, 9, 10, 11, 12, 13, 13a, 14, 14a, 15, 16, 16a, 17, 18, 19, 20, 21, 22, 22a, 28, 29, 30, 31 & 34 of 1950 (Ex Sess) PA 27 (MCL 492.102 et seq.); adds secs. 4a, 9a & 37a & repeals secs. 37 & 41 of 1950 (Ex Sess) PA 27 (MCL 492.137 & 492.141). TIE BAR WITH: HB 5355'23, HB 5356'23, HB 5357'23, HB 5358'23, HB 5359'23, HB 5360'23, HB 5361'23, HB 5362'23, HB 5363'23, HB 5364'23, HB 5365'23, HB 5366'23, HB 5367'23

Impact

If passed, HB 5354 will significantly impact the existing framework governing motor vehicle sales in Michigan. Specifically, it will reformulate the regulatory structure around installment sales, which could lead to improved consumer protections. The bill sets clear standards for finance charges, delineates responsibilities for sellers and financiers, and provides strict guidelines for record-keeping and disclosures. The potential benefits include increased transparency for buyers, which may lead to a more informed consumer base when entering financing agreements. By enhancing oversight of finance companies, the bill aims to safeguard buyer interests.

Summary

House Bill 5354 aims to amend the Motor Vehicle Sales Finance Act of 1950, focusing on the sale and financing of motor vehicles through installment contracts. The bill proposes several modifications to existing provisions, such as updates to the definitions of key terms like 'finance charge' and 'installment sale contract.' Additionally, the bill introduces new sections that outline licensing requirements for individuals engaged in the financing of motor vehicle sales, thereby enhancing regulatory oversight over sales finance companies. This legislative update reflects a commitment to addressing the evolving landscape of consumer financing in the motor vehicle market.

Contention

However, the bill does not come without points of contention. Critics have raised concerns regarding the implications of increased regulatory requirements on smaller sales finance companies. There is apprehension that the new licensing provisions could pose barriers to entry for new businesses and stifle competition within the industry. Additionally, stakeholders have debated the balance between adequate consumer protections and the operational flexibility required by businesses in the competitive motor vehicle sales market. Balancing these interests is crucial to ensure that the regulatory framework serves both consumer needs and promotes a thriving marketplace.

Latest MI HB5354 Activity

View All Events: MI 2023-2024 Regular Session HB5354

Companion Bills

MI HB5367

Same As Crimes: other; citations to the motor vehicle sales finance act in the Michigan penal code; revise. Amends secs. 219e & 219f of 1931 PA 328 (MCL 750.219e & 750.219f). TIE BAR WITH: HB 5354'23

MI HB5366

Same As Property: other; citations to the motor vehicle sales finance act in 1846 RS 65; revise. Amends sec. 25 of 1846 RS 65 (MCL 565.25). TIE BAR WITH: HB 5354'23

MI HB5358

Same As Commercial code: other; citations to the motor vehicle sales finance act; revise. Amends sec. 9201 of 1962 PA 174 (MCL 440.9201). TIE BAR WITH: HB 5354'23

MI HB5355

Same As Criminal procedure: sentencing guidelines; sentencing guidelines for motor vehicle sales finance violations; modify. Amends sec. 14p, ch. XVII of 1927 PA 175 (MCL 777.14p). TIE BAR WITH: HB 5354'23

MI HB5359

Same As Consumer protection: identity theft; citations to the motor vehicle sales finance act in the identity theft protection act; revise. Amends sec. 3 of 2004 PA 452 (MCL 445.63). TIE BAR WITH: HB 5354'23

MI HB5360

Same As Consumer protection: solicitations; citations to the motor vehicle sales finance act in 1971 PA 227; revise. Amends sec. 1 of 1971 PA 227 (MCL 445.111). TIE BAR WITH: HB 5354'23

MI HB5365

Same As Consumer protection: other; citations to the motor vehicle sales finance act in the guaranteed asset protection waiver act; revise. Amends sec. 3 of 2009 PA 229 (MCL 492.23). TIE BAR WITH: HB 5354'23

MI HB5363

Same As Consumer protection: other; citations to the motor vehicle sales finance act in the consumer financial services act; revise. Amends secs. 2 & 6 of 1988 PA 161 (MCL 487.2052 & 487.2056). TIE BAR WITH: HB 5354'23

MI HB5361

Same As 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: HB 5354'23

MI HB5356

Same As Occupations: lobbyists; citations to the motor vehicle sales finance act in 1978 PA 472; revise. Amends sec. 4 of 1978 PA 472 (MCL 4.414). TIE BAR WITH: HB 5354'23

MI HB5362

Same As 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

MI HB5364

Same As Financial institutions: payday lending; citations to the motor vehicle sales finance act in the deferred presentment service transactions act; revise. Amends sec. 2 of 2005 PA 244 (MCL 487.2122). TIE BAR WITH: HB 5354'23

MI HB5357

Same As Environmental protection: other; citations to the motor vehicle sales finance act in the natural resources and environmental protection act; revise. Amends sec. 20101 of 1994 PA 451 (MCL 324.20101). TIE BAR WITH: HB 5354'23

Previously Filed As

MI HB5715

Criminal procedure: sentencing guidelines; sentencing guidelines for certain crimes; update. Amends secs. 11b, 12e, 12f, 13m, 13n, 14a, 14h, 15d, 16d, 16f, 16g, 16i, 16j, 16k, 16l, 16m, 16p, 16q, 16r, 16s, 16t, 16w, 16x, 16y, 16bb, 17b & 17g, ch. XVII of 1927 PA 175 (MCL 777.11b et seq.). TIE BAR WITH: HB 5704'24, HB 5709'24, HB 5711'24, HB 5707'24, HB 5712'24, HB 5708'24, HB 5705'24, HB 5706'24, HB 5714'24, HB 5713'24, HB 5710'24

MI HB4180

Sales tax: exemptions; motor and aviation fuel sales; exempt. Amends secs. 6a & 6c of 1933 PA 167 (MCL 205.56a & 205.56c) & adds secs. 4gg & 4hh. TIE BAR WITH: HB 4183'25, HB 4182'25, HB 4180'25, HB 4185'25, HB 4186'25, HB 4187'25, HB 4184'25, HB 4180'25, HB 4181'25

MI SB0976

Employment security: other; updates to the employment security act; provide for. Amends secs. 11, 11a, 12, 13, 13a, 13b, 13c, 13d, 13e, 13f, 13g, 13i, 13k, 13l, 13m, 14, 15, 15a, 16, 17, 18, 19 & 19a of 1936 (Ex Sess) PA 1 (MCL 421.11 et seq.) & repeals sec. 12a of 1936 (Ex Sess) PA 1 (MCL 421.12a).

MI HB5157

Mobile homes: other; mobile home commission act; revise. Amends title & secs. 2, 3, 4, 5, 6, 7, 14 & 16 of 1987 PA 96 (MCL 125.2302 et seq.) & adds secs. 16b & 16c. TIE BAR WITH: HB 5160'23, HB 5159'23, HB 5158'23, HB 5161'23

MI HB4182

Use tax: exemptions; motor and aviation fuel sales; exempt. Amends sec. 6c & 21 of 1937 PA 94 (MCL 205.96c & 205.111) & adds secs. 4gg & 4hh. TIE BAR WITH: HB 4183'25, HB 4181'25, HB 4180'25, HB 4185'25, HB 4186'25, HB 4187'25, HB 4184'25

MI HB6194

Sales tax: exemptions; sale of eligible fuel: exempt. Amends secs. 6a & 25 of 1933 PA 167 (MCL 205.56a & 205.75) & adds sec. 4gg. TIE BAR WITH: HB 6195'24, HB 6196'24, HB 6197'24

MI HB4181

Streamline sales and use tax: exemptions; tax on motor fuel; exclude. Amends secs. 3 & 5 of 2004 PA 175 (MCL 205.173 & 205.175). TIE BAR WITH: HB 4183'25, HB 4183'25, HB 4182'25, HB 4180'25, HB 4185'25, HB 4186'25, HB 4187'25, HB 4184'25

MI HB4185

Sales tax: distribution; distribution of revenue; modify. Amends sec. 25 of 1933 PA 167 (MCL 205.75). TIE BAR WITH: HB 4183'25, HB 4182'25, HB 4181'25, HB 4183'25, HB 4180'25, HB 4186'25, HB 4187'25, HB 4184'25

MI HB5159

Mobile homes: other; mobile home commission act; revise. Amends secs. 17, 18, 25, 28, 28a & 29 of 1987 PA 96 (MCL 125.2317 et seq.) & adds sec. 28d. TIE BAR WITH: HB 5157'23, HB 5160'23, HB 5158'23, HB 5161'23

MI HB5841

Crimes: prostitution; references to prostitute and prostitution; modify in the Michigan penal code. Amends heading of ch. LXVII & secs. 13, 159g, 167, 411j, 448, 449, 450, 451, 451a, 451c, 452, 454, 455, 456, 457, 458, 459, 460, 462 & 520m of 1931 PA 328 (MCL 750.13 et seq.) & repeals sec. 449a of 1931 PA 328 (MCL 750.449a). TIE BAR WITH: HB 5842'24, HB 5843'24, HB 5844'24, HB 5845'24, HB 5846'24, HB 5847'24, HB 5848'24, HB 5849'24, HB 5850'24, HB 5851'24, HB 5852'24, HB 5853'24, HB 5854'24, HB 5864'24

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Consumer protection: retail installment sales; payments under motor vehicle installment sale contracts; modify. Amends secs. 2, 12, 13, 22 & 31 of 1950 (Ex Sess) PA 27 (MCL 492.102 et seq.).

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