December 10, 2015, Introduced by Reps. McCready, Kelly, Heise, Iden, Aaron Miller, LaVoy, Graves, Cochran, Canfield, Liberati, Callton, McBroom 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.