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Read. Follow. Verify.Michigan Legislature updates vehicle financing, guaranteed asset protection waiver rules, and contract refinancing provisions
Last action · June 10, 2026: PLACED ON ORDER OF THIRD READINGSponsors: Jeff Irwin and 2 others
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What This Bill Would Do
Retail sellers, agents, or employees are prohibited from acting as the authorized representative of a retail buyer under revised Retail Installment Sales Act provisions. The legislation allows vehicle installment contracts to include the separately stated cost of a , and permits contract holders to consolidate purchases or defer and refinance scheduled payments.
The changes alter disclosure standards and payment terms for retail sellers and vehicle purchasers across Michigan upon the enactment of related legislation.
- The Retail Installment Sales Act (1966 PA 224) governs consumer credit sales and retail installment contracts in Michigan. context
- Senate Bill 747 is tied legislatively to Senate Bill 739 as part of a coordinated package concerning motor vehicle and retail sales financing. context
Who It Would Affect
Groups the bill's text would affect if enacted, as described in the record. Being affected is not a position for or against it.
Retail buyers
Retail buyers experience updated contract disclosure rules, distinct guaranteed asset protection waiver cost statements, and revised terms for contract consolidation and refinancing.
Retail sellers
Retail sellers must comply with updated statutory citations, restrictions on representing buyers, and revised memorandum and delivery requirements for mail or telephone transactions.
Key Facts
You don't have to trust us. Each fact below is taken straight from the official document - click any one to see the exact passage, highlighted in the original.
Frequently Asked Questions
What does Senate Bill 747 change?
Can a store employee sign a retail installment contract on behalf of a buyer?
What is required for the bill to take effect?
What else do you want to know?
News Coverage
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Votes, people, money & the original sourceWhere This Stands
Currently on floor. The next step in the legislative lifecycle is Passed.
Procedural history
6 actions- Jun 10, 2026SenatePLACED ON ORDER OF THIRD READING
- Jun 10, 2026SenateREPORTED BY COMMITTEE OF THE WHOLE FAVORABLY WITHOUT AMENDMENT(S)
- Apr 23, 2026SenateCommitteeREFERRED TO COMMITTEE OF THE WHOLE
- Apr 23, 2026SenateCommitteeREPORTED FAVORABLY WITHOUT AMENDMENT 4/22/2026
- Dec 16, 2025SenateCommitteeREFERRED TO COMMITTEE ON FINANCE, INSURANCE, AND CONSUMER PROTECTION
- Dec 16, 2025SenateIntroducedINTRODUCED BY SENATOR JEFF IRWIN
Version history
Only one version on file - nothing to compare yet. As later stages (committee substitute, engrossed, enrolled) are captured, the redline appears here.
View official text →Lobbying Activity
No state lobbying filings in our records match this bill. Federal lobbying reports (LDA) cover Congress, so they are not listed on state bills.
Full breakdown
Who this bill affects and the strongest case for and against it, written only from the bill’s own text.
Sponsors
Connected Entities
Sources
legislature.mi.gov
Analysis Score
0–100- Significance45How much this matters to a regular citizen
- Controversy10Intensity of disagreement among stakeholders
- Entertainment5Compellingness for a non-policy-wonk reader
- Buzz15Current news / social attention level
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