Bill Text: MI HB4099 | 2017-2018 | 99th Legislature | Introduced

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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

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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.