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)
Section 492.103 Installment seller of motor vehicles; sales finance company; license required.
492.103 Installment seller of motor vehicles; sales finance company; license required.
Sec. 3.
Except for a person licensed under the consumer financial services act, a person shall not engage in this state as a principal, employee, agent, or broker in either of the following unless that person is licensed as provided in this act:
(a) The business of an installment seller of motor vehicles under installment sale contracts.
(b) The business of a sales finance company.
History: 1950, Ex. Sess., Act 27, Eff. Mar. 31, 1951 ;-- Am. 1988, Act 163, Eff. Sept. 1, 1988
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