October 25, 2005, Introduced by Reps. Robertson, Hunter, Palsrok, Hune, Marleau, Ball, Dillon, Steil, Mayes, Clemente, Taub and Green and referred to the Committee on Banking and Financial Services.
A bill to amend 1950 (Ex Sess) PA 27, entitled
"Motor vehicle sales finance act,"
(MCL 492.101 to 492.141) by adding section 13a.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 13a. (1) A seller in an installment sale transaction may
pay on behalf of the buyer and agree to finance in the installment
sale contract all or part of any loan secured by a motor vehicle
that the seller takes in trade in the installment sale transaction
or all or any part of the balance owed under a lease of a motor
vehicle that is terminated in connection with the installment sale
transaction.
(2) If subsection (1) applies in an installment sale
transaction, then the other necessary or incidental costs included
in the installment sale contract under section 13(2)(e) shall
include the amount the seller agreed to finance under subsection
(1).
Enacting section 1. It is the intent of the legislature that
this section be construed as declaring the law as it exists before
this section is enacted and not as modifying it.