Documentary Fee Maximum Increases from $200 to $210
Pursuant to the Motor Vehicle Sales Finance Act (MVSFA), the documentary preparation fee maximum has been adjusted to $200, through 2014.
Section 13(2)(a) of the MVSFA, (MCL 492.113(2)(a)) states, in part:
"The documentary preparation fee shall not exceed 5% of the cash price of the motor vehicle or $160, whichever is less. Beginning on January 1, 2005, the administrator shall adjust the $160 maximum for the documentary preparation fee described in the subdivision every 2 years to reflect the cumulative percentage change in the consumer price index for the 2 immediate 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…."
The commissioner of the Department of Insurance and Financial Services has reviewed the documentary preparation fee for adjustment and has determined the maximum shall be adjusted to $210 from $200, effective January 29, 2015. Therefore, the documentary preparation fee shall not exceed 5 percent of the cash price of the motor vehicle or $210, whichever is less.
If you have questions regarding documentary preparation fees, please contact the Department of Insurance and Financial Services toll free at 877-999-6442.