MOTOR VEHICLE FINANCING: MOTORCYCLES S.B. 1321: COMMITTEE SUMMARY
Senate Bill 1321 (as introduced 6-24-04)
Sponsor: Senator Jason E. Allen
Committee: Economic Development, Small Business and Regulatory Reform
Date Completed: 9-22-04
CONTENT
The bill would amend the Motor Vehicle Sales Finance Act to remove the exception of motorcycles from its definition of "motor vehicle", and to make other definitional changes.
The Act, which regulates motor vehicle financing in Michigan, specifically excludes motorcycles from its definition of "motor vehicle". The bill would delete that exclusion.
The bill also would include a limited liability company in the Act's definition of "person". Currently, the Act defines "person" as an individual, partnership, association, corporation, governmental entity or any other legal entity.
The term "administrator" would be redefined as the commissioner of the Office of Financial and Insurance Services. The Act currently refers to the Financial Institutions Bureau.
MCL 492.102 Legislative Analyst: J.P. Finet
FISCAL IMPACT
The bill would have no fiscal impact on State or local government.
Fiscal Analyst: Maria Tyszkiewicz
Analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent. sb1321/0304