AUTO LOAN: INCLUDE ELECTRONIC FEES H.B. 6175 (H-1): COMMITTEE SUMMARY
House Bill 6175 (Substitute H-1 as passed by the House)
Sponsor: Representative Joe Hune
House Committee: Insurance
Senate Committee: Banking and Financial Institutions
Date Completed: 6-22-06
CONTENT
The bill would amend the Motor Vehicle Sales Finance Act to allow the seller of a motor vehicle under an installment sale contract to contract with the buyer to pay fees for titling the vehicle and fees payable to a third party and to the seller for electronic titling and registration of the vehicle.
Currently, a seller under an installment sale contract may contract with the buyer to pay, on the buyer's behalf, fees payable to the State for registration of the motor vehicle and issuance or transfer of registration plates. Under the bill, the contract could include fees in amounts established by and paid to the State for titling and registration of the vehicle and issuance or transfer of plates.
In addition, the bill specifies that, if the buyer of a motor vehicle elected to title or register the vehicle electronically, the seller under an installment sale contract could contract with the buyer to pay, on the buyer's behalf, fees payable to any third party authorized by the Secretary of State and to the seller for electronic titling and registration.
MCL 492.117 Legislative Analyst: Patrick Affholter
FISCAL IMPACT
The bill would have no fiscal impact on State or local government.
Fiscal Analyst: Elizabeth Pratt
Maria TyszkiewiczAnalysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent. hb6175/0506