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

This bill updates Michigan's Retail Installment Sales Act to clarify how contracts must be written and what information they must disclose to buyers. It requires contracts to include specific details such as the cash sale price, down payment, itemized fees, and the cost of any guaranteed asset protection waivers for vehicles. The legislation also mandates that sellers provide buyers with a copy of the contract before the buyer signs it and outlines the buyer's right to cancel the agreement and get a refund if they haven't received the goods or services yet. By revising sections of the existing law, the bill aims to ensure greater transparency in retail installment transactions across the state.