There is a newer version of the Michigan Compiled Laws
2006 Michigan Compiled Laws - Act 27 of 1950 (Ex. Sess.)
| AN ACT defining and regulating certain installment sales of motor vehicles; prescribing the conditions under which such sales may be made and regulating the financing thereof; regulating and licensing persons engaged in the business of making or financing such sales; prescribing the form, contents and effect of instruments used in connection with such sales and the financing thereof; prescribing certain rights and obligations of buyers, sellers, persons financing such sales and others; limiting charges in connection with such instruments and fixing maximum interest rates for delinquencies, extensions and loans; regulating insurance in connection with such sales; regulating repossessions, redemptions, resales and deficiency judgments and the rights of parties with respect thereto; authorizing extensions, loans and forbearances related to such sales; authorizing investigations and examinations of persons engaged in the business of making or financing such sales; transferring certain powers and duties with respect to finance companies to the commissioner of the financial institutions bureau; and prescribing penalties.
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| Document | Description |
| Section 492.101 | Motor vehicle sales finance act; short title. |
| Section 492.102 | Definitions. |
| Section 492.103 | Installment seller of motor vehicles; sales finance company; license required. |
| Section 492.104 | License; application; form; contents; appointment of statutory agent; service of process; separate application for each place of business; renewal. |
| Section 492.105 | Bond to accompany first license application; bond applicable to principal place of business; form; penal sum; execution; condition; action on bond; filing new bond or renewal certificate. |
| Section 492.106 | License; application; fee; abatement in amount of license fee; expiration of license; examination fee; hourly rate and per contract rate; invoice; payment; disposition and use of fees and expenses. |
| Section 492.106a | Receipt of completed application for new or renewal license; issuance of license within certain time period; report. |
| Section 492.107 | License certificate; issuance; posting; license nontransferable and nonassignable; change in business location; notice; amendment of license certificate; fee; operating more than 1 place of business. |
| Section 492.108 | License; application, rejection, grounds, notice; retention of fee. |
| Section 492.109 | License; revocation or suspension; grounds; appeal. |
| Section 492.110 | Investigation and examination of records; access to place of business; required witness attendance; subpoena; forms, rules and regulations. |
| Section 492.111 | Books, accounts and records; maintenance. |
| Section 492.112 | Installment sale contract; contents; signatures; buyer's copy; notice; form; delivery acknowledgment; payments; applicability. |
| Section 492.113 | Installment sale contract; contents; collateral security; notice of legal rights; liability. |
| Section 492.113a | Installment sale transaction; certain payments by seller on behalf of buyer. |
| Section 492.114 | Installment sale contract; condition of signing; acceleration clause; right of repossession; prohibited provisions. |
| Section 492.114a | Evidence of obligation; holder subject to claims and defenses of buyer; limitation on buyer's recovery; mandatory provision in installment sale contract; sales to which section applicable; action to collect debt; designation of disinterested third party to receive payments; amount and distribution of payments. |
| Section 492.115 | Installment sale contract; sale, transfer, assignment; notice to buyer; exception; assignment contracts. |
| Section 492.116 | Installment sale contract; insurance of vehicle, limitation, coercion prohibited; premium cost, buyer's certificate, terms of contract, cancellation. |
| Section 492.116a | Unexpired insurance premiums; crediting. |
| Section 492.117 | Installment sale contract; costs; fees. |
| Section 492.118 | Finance charge on installment sale contract; maximum rate; computation. |
| Section 492.119 | Installment sale contract; extension; refinance charges; maximum rate; cash loans. |
| Section 492.120 | Installment sale contract; default charge; maximum rate; computation; collection. |
| Section 492.121 | Installment sale contract; prepayment of unpaid time balance; rebate of unearned finance charge. |
| Section 492.122 | Installment sale contract; payments. |
| Section 492.122a | Truth in lending act; effect of compliance. |
| Section 492.123-492.127 | Repealed. 1962, Act 174, Eff. Jan. 1, 1964. |
| Section 492.128 | Installment sale contract; buyer furnished statement of account, contents; fee for additional statement. |
| Section 492.129 | Installment sale contract; receipt, contents; payment by mail. |
| Section 492.130 | Installment sale contract; payment in full, release, discharge, instruments delivered to buyer. |
| Section 492.131 | Installment sale contract; limitation on charges; charges prohibited; equity transfer. |
| Section 492.132 | Installment sale contract; waiver. |
| Section 492.133 | Installment sale contract; prior contracts. |
| Section 492.134 | Installment sale contract; expiration, surrender or revocation of license. |
| Section 492.135 | Installment sale contract; sales outside state. |
| Section 492.136 | Businesses not affected or impaired by act. |
| Section 492.137 | Violation of act; penalty. |
| Section 492.138 | Repealed. 1988, Act 242, Eff. Aug. 1, 1988. |
| Section 492.139, 492.140 | Repealed. 1964, Act 256, Eff. Aug. 28, 1964. |
| Section 492.141 | Optional method of computing finance charge. |
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