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2015 Michigan Compiled Laws
Chapter 492 - Installment Sales of Motor Vehicles
Act 27 of 1950 (Ex. Sess.) MOTOR VEHICLE SALES FINANCE ACT (492.101 - 492.141)
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.
History: 1950, Ex. Sess., Act 27, Eff. Mar. 31, 1951 ;-- Am. 1970, Act 114, Imd. Eff. July 23, 1970
- 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 acts.
- 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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