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Read. Follow. Verify.Michigan SB 748 updates statutory citations for motor vehicle and home improvement sales finance acts within the credit reform act
Last action · June 10, 2026: PLACED ON ORDER OF THIRD READINGSponsors: John Damoose and 2 others
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What This Bill Would Do
Senate Bill 748 updates statutory references and citations related to the motor vehicle sales finance act and home improvement finance act within Michigan's credit reform act. The measure replaces older public act references with updated Michigan Compiled Laws (MCL) citations and updates the title of the financial regulatory commissioner. These changes are contingent upon the enactment of Senate Bill 739.
Modifies statutory language governing consumer credit and financing agreements in Michigan by modernizing legal citations for regulated lenders and credit sales without altering substantive consumer fees or lending caps.
- The Credit Reform Act of 1995 governs various consumer credit transactions and lending practices in Michigan. 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.
Regulated lenders
Lenders operating under credit reform act definitions are subject to updated statutory citations and regulatory agency titles.
Consumers
Borrowers engaging in credit sales governed by home improvement and motor vehicle sales finance acts have their statutory framework modernized.
Key Facts
- Updates the definition of commissioner in the credit reform act to the director of the department of insurance and financial services.
- Updates statutory references for the home improvement finance act (1965 PA 332) and the motor vehicle sales finance act (1950 (Ex Sess) PA 27).
- Revises the definition of regulated lender to include licensees under specific updated Michigan Compiled Laws citations.
- Specifies that written agreements for credit sales under the home improvement finance act or motor vehicle sales finance act may provide for precomputed interest if rebates at prepayment are computed via the actuarial method.
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- Contains an enacting section stating the bill requires the passage of Senate Bill No. 739 to take effect.
Frequently Asked Questions
What changes does Senate Bill 748 make to Michigan's credit laws?
Does this bill take effect immediately?
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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 JOHN DAMOOSE
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
Discoveries
Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.
Legislative Contingency
SB 748 explicitly relies on the passage of companion bill Senate Bill 739 to become effective.
Connected Entities
Sources
legislature.mi.gov
Analysis Score
0–100- Significance40How 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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