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Bulletin 2015-01-CF - Motor Vehicle Sales Finance Act (supersedes Bulletin 2013-01-CF)

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1) STATE OF MICHIGAN DEPARTMENT OF INSURANCE AND FINANCIAL SERVICES Bulletin 2015-01-CF In the matter of: Documentary Preparation Fee Adjustment Under the Motor Vehicle Sales Finance Act / Issued and entered This £^#ay~of January 2015 By Annette E. Flood Director This bulletin supersedes Bulletin 2013-01-CF, dated January 24, 2013. Pursuant to the Motor Vehicle Sales Finance Act (MVSFA), the documentary preparation fee maximum described in Section 13(2)(a) will be $210.00. Section 13(2)(a) of the MVSFA, MCL 492.113(2)(a), states, in relevant part: The documentary preparation fee shall not exceed 5% of the cash price of the motor vehicle or $160.00, whichever is less. Beginning on January 1, 2005, the administrator shall adjust the $160.00 maximum of the documentary preparation fee described in the subsection every 2 years to reflect the cumulative percentage change in the consumer price index of the 2 immediately preceding calendar years, as determined by the administrator. The administrator shall round the adjustment to the nearest $10.00 increment to set the fee every 2 years .... Accordingly, the Director of the Department of Insurance and Financial Services has reviewed the documentary preparation fee adjustment and has determined the maximum shall increase to $210.00 which reflects the cumulative percentage change in the consumer price index for the calendar years 2013 and 2014. From this date forward, the documentary preparation fee shall not exceed 5% of the cash price of the motor vehicle or $210.00, whichever is less. Any questions regarding this bulletin should be directed to: Department of Insurance and Financial Services Office of General Counsel 611 W. Ottawa Street P.O. Box 30220 Lansing, Michigan 48909-7720 Toll Free: (877) 999-6442 (fa/idlr. 9, Annette E. Flood Director