SFA Prepares Educational Brief on Michigan HB 5354
article by Structured Finance Association
On October 10, an educational brief prepared by the Structured Finance Association regarding Michigan HB 5354 was submitted to the Michigan Department of Insurance and Financial Services. HB 5354, which, among other revisions, proposes to amend the definition of “Sales finance company” under section 492.102(s) of the Motor Vehicle Sales Finance Act 27 of 1950. The brief contains suggested language that would preserve the existing licensing exemption utilized by auto issuers for their special purpose vehicles (SPVs).