Consumer protection: retail installment sales; citations to the motor vehicle sales finance act in the retail installment sales act; revise. Amends secs. 1a, 3, 5, 6 & 11 of 1966 PA 224 (MCL 445.851a et seq.). TIE BAR WITH: SB 0739'25

SB 747 amends Michigan's Retail Installment Sales Act to clarify and align disclosure requirements for consumer financing. It specifies that compliance with federal Truth in Lending Act rules satisfies Michigan's disclosure obligations (Section 1a), mandates clear contract formatting (e.g., 8-point type for most text, 10-point bold for buyer notices), and requires sellers to provide a copy of the signed contract before finalizing transactions (Section 3). The bill specifically clarifies that costs for guaranteed asset protection (GAP) waivers on vehicles must be separately stated and are not considered finance charges (Section 3(f)). This directly affects retail sellers (like car dealers) and buyers entering installment contracts for goods or services.