Michigan SB0747 amends the Retail Installment Sales Act to update citations to the Motor Vehicle Sales Finance Act and revise disclosure requirements.

Michigan SB0747 amends sections 1a, 3, 5, 6, and 11 of the Retail Installment Sales Act to update citations to the Motor Vehicle Sales Finance Act and revise disclosure requirements. The bill ensures compliance with the Truth in Lending Act and mandates that retail installment contracts be in writing, dated, and signed by the buyer. It requires the seller to deliver a copy of the contract to the buyer before the due date of the first installment.

Michigan SB0747 amends the Retail Installment Sales Act to update citations to the Motor Vehicle Sales Finance Act and revise disclosure requirements.

Michigan SB0747 amends sections 1a, 3, 5, 6, and 11 of the Retail Installment Sales Act to update citations to the Motor Vehicle Sales Finance Act and revise disclosure requirements. The bill ensures compliance with the Truth in Lending Act and mandates that retail installment contracts be in writing, dated, and signed by the buyer. It requires the seller to deliver a copy of the contract to the buyer before the due date of the first installment.