Bill Text: MI HB4099 | 2017-2018 | 99th Legislature | Introduced
Bill Title: Trade; vehicles; certain installment sale vehicle buyers; require monthly proof of insurance to seller. Amends 1950 (Ex Sess) PA 27 (MCL 492.101 - 492.141) by adding sec. 16b.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2017-01-31 - Bill Electronically Reproduced 01/26/2017 [HB4099 Detail]
Download: Michigan-2017-HB4099-Introduced.html
HOUSE BILL No. 4099
January 26, 2017, Introduced by Reps. McCready, Kelly, Graves and Lucido and referred to the Committee on Insurance.
A bill to amend 1950 (Ex Sess) PA 27, entitled
"Motor vehicle sales finance act,"
(MCL 492.101 to 492.141) by adding section 16b.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 16b. (1) If an installment sale contract requires that
the buyer make weekly installment payment to the seller, the buyer
of the motor vehicle shall provide insurance on the motor vehicle
at the buyer's expense under section 16 and at least monthly shall
provide to the seller a current certificate of insurance or other
proof that is satisfactory to the seller that the vehicle is
insured.
(2) If an installment sale contract requires that the buyer
make weekly installment payment to the seller, the installment sale
contract shall include a provision that the motor vehicle is
subject to repossession if the buyer violates subsection (1).
Enacting section 1. This amendatory act takes effect 90 days
after the date it is enacted into law.