2010 Michigan Compiled Laws
Chapter 445 - TRADE AND COMMERCE
Act 224 of 1966 - RETAIL INSTALLMENT SALES ACT (445.851 - 445.873)
Section 445.857 - Time price differential; limitation; computation; minimum time price differential.
RETAIL INSTALLMENT SALES ACT (EXCERPT)Act 224 of 1966
445.857 Time price differential; limitation; computation; minimum time price differential.
Sec. 7.
A retail installment contract may provide for, and the seller or holder may then charge, collect, and receive a time price differential that does not exceed the rate of interest or its equivalent permitted a regulated lender by the credit reform act. The time price differential may be computed on the basis of a full month for a fractional portion of a month in excess of 10 days. A minimum time price differential of not more than $10.00 may be charged, received, and collected on each contract, whether or not the contract is prepaid.
History: 1966, Act 224, Eff. Mar. 10, 1967
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Am. 1978, Act 97, Imd. Eff. Apr. 5, 1978
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Am. 1995, Act 167, Eff. Mar. 28, 1996
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