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Michigan Credit Union League

HB 5181 Passes Michigan House of Representatives Unanimously

HB 5181, sponsored by Representative Diana Farrington (R–Utica), passed the Michigan House of Representatives today in a unanimous vote of 109–0.

This legislation provides a secured party with the right to inspect a vehicle that has been deemed abandoned prior to paying the accrued towing and storage fees. It also allows secured parties the ability to contest tow and storage fee costs and redeem the vehicle 10 days after receiving notice from the Secretary of State, instead of 20 days under the current statutory framework.

With auto lending continuing to be a significant line of business for Michigan credit unions, this legislation helps protect the secured party from further losses when a vehicle is abandoned.

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2018-04-26 00:00:00