Amends the definition of "gift" under Michigan's motor vehicle sales finance act.

This bill amends the definition of "gift" under Michigan's motor vehicle sales finance act. It specifies that a gift includes a payment, advance, forbearance, or the rendering or deposit of money, services, or anything of value, the value of which exceeds $25.00, unless consideration of equal or greater value is received. It excludes certain contributions and loans from the definition. The amendment takes effect only if Senate Bill No. 739 of the 103rd Legislature is enacted into law.

Amends the definition of "gift" under Michigan's motor vehicle sales finance act.

This bill amends the definition of "gift" under Michigan's motor vehicle sales finance act. It specifies that a gift includes a payment, advance, forbearance, or the rendering or deposit of money, services, or anything of value, the value of which exceeds $25.00, unless consideration of equal or greater value is received. It excludes certain contributions and loans from the definition. The amendment takes effect only if Senate Bill No. 739 of the 103rd Legislature is enacted into law.