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.).

This bill modifies the Michigan Motor Vehicle Sales Finance Act to update definitions and regulations regarding retail installment sales of motor vehicles. It directly affects sellers, buyers, and financial institutions involved in financing car purchases by clarifying terms such as "cash price," "down payment," and "collateral security." The key provision redefines what constitutes a "motor vehicle" to explicitly include recreational vehicles with their own motive power while excluding certain equipment like tractors and road machinery. Additionally, the bill adjusts the legal description of various contract types, including loans and leases, to ensure they align with current market practices. These changes aim to provide clearer guidelines for enforcing payment obligations under vehicle installment contracts.