The proposed bill, known as the "Used Motor Vehicle Warranty Act," aims to enhance consumer rights for individuals purchasing or leasing used motor vehicles in Michigan. It mandates that used motor vehicle dealers offer a contract cancellation option agreement for vehicles priced at $50,000 or less, allowing consumers to return the vehicle within two days of purchase without cause. The agreement must include specific details such as the consumer's right to a full refund (minus a restocking fee) and the conditions under which the vehicle can be returned. Additionally, the bill outlines the maximum fees that can be charged for the cancellation option and restocking fees based on the vehicle's purchase price.

The act also specifies that certain vehicles, such as motorcycles and off-highway vehicles, are exempt from this requirement, and it does not apply to private sales between individuals. Consumers are granted the right to take legal action for any violations of the act, with the possibility of recovering damages and attorney fees. The bill is set to take effect 180 days after being enacted into law.