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).

This bill amends the Michigan Motor Vehicle Sales Finance Act to update definitions and regulations governing installment sales of vehicles for personal use. It modifies how key terms like "cash price," "down payment," and "finance charge" are defined to ensure clarity for buyers, sellers, and lenders. The legislation also transfers certain regulatory powers from the insurance commissioner to the director of the Financial Institutions Bureau and adds new sections to address specific financial practices. By repealing and adding various sections, the bill aims to streamline oversight and modernize the rules surrounding vehicle financing contracts and related penalties.