LAW-Alert-MI-0824 | LAW® 553®

Please note that there has been a revision made to the LAW®553-MI(4P)8/21 contract as well as the LAW®553-MI-ARB8/21. The new form numbers are LAW®553-MI(4P)9/24 and LAW®553-MI-ARB9/24.

In late July, Michigan enacted House Bill 5460, which requires an additional customer notice printed prominently under the Truth-in-Lending Act (TILA) disclosure box. The notice is required for new motor vehicle credit sales. We added the notice to the contracts directly below the TILA box. The bill went into effect immediately upon the Governor’s signature.

As a result of user requests and to continually update and increase acceptance of our LAW® 553® contracts, we made the following changes to our 553 contracts in Michigan:

New programming will be required for the new revision. The standard and ARB versions will not line up the same as each other for programming purposes.

Inventory for the new product will be available by August 23, 2024. Dealers should begin using the new contract immediately. The Bankers Systems® brand Motor Vehicle Retail Installment Sale Contracts will also be revised and announced in a separate message.

Office

937.485.2000

Document Sales

800.344.0996

One Reynolds Way

Dayton, Ohio 45430

The BANKERS SYSTEMS® mark is owned by Wolters Kluwer Financial Services, Inc. and is used with permission by license. Wolters Kluwer Financial Services, Inc. bears no responsibility or liability with respect to the forms provided.