There is a newer version
of
this Statute
2017 Michigan Compiled Laws
Chapter 445 - Trade and Commerce
Act 224 of 1966 RETAIL INSTALLMENT SALES ACT (445.851 - 445.873)
AN ACT to regulate retail installment sales transactions, agreements, charges and disclosures; and to provide for the enforcement thereof and penalties for violations.
History: 1966, Act 224, Eff. Mar. 10, 1967
- Section 445.851 Retail installment sales act; short title.
- Section 445.851a Truth in lending act; effect of compliance.
- Section 445.852 Definitions.
- Section 445.853 Retail installment contract; requirements; size; notice to buyer; delivery of copy; nondelivery; provisions; contents of contract; transaction involving vehicle; terms; statement that seller retains security interest.
- Section 445.854 Retail installment contracts; single document not required; sales slip, account book, other written statements.
- Section 445.855 Transactions negotiated and entered into by mail or telephone; applicable provisions of act; memorandum.
- Section 445.856 Retail installment contracts; blank space; filling.
- Section 445.857 Time price differential; limitation; computation; minimum time price differential.
- Section 445.858 Prepayment of unpaid balance; amount of refund credit.
- Section 445.859 Installment contract or retail charge agreement; delinquency and collection charge.
- Section 445.860 Retail installment contracts; statement of dates, payments and unpaid balances; receipt.
- Section 445.861 Retail installment transactions; subsequent purchases; previous contracts; inclusion and consolidation; new schedule of installment payments.
- Section 445.862 Retail charge agreement; delivery of copy to buyer; acknowledgment; blank spaces; statement of time price differential; notice to buyer; periodic statement; computation of time price differential; adjustment of charges; attorney's fee and court costs.
- Section 445.862a Submission of invoice evidencing credit card sale.
- Section 445.863 Retail installment contracts or charge agreements; insurance included in cost; requirements; minimum charges; refunds.
- Section 445.864 Retail installment contracts or charge agreements; prohibited provisions; denial of application based on geographic location of residence prohibited; permissible conduct; exemption; contract for financial services not required; offer of combination of services not precluded by subsection (5).
- Section 445.865 Purchase or acquisition of retail installment contract or retail charge agreement by assignee; terms, conditions, and price; evidence of obligation; validity of written assignment; notice; payment to last known holder; claims and defenses; sales to which section applicable.
- Section 445.865a Contracts, agreements, or other transactions considered made in state; offer or agreement to sell in state; acceptance or offer to buy in state.
- Section 445.866 Waiver of act as to buyers' protection prohibited.
- Section 445.867 Violation of act; misdemeanor.
- Section 445.868 Violation of act; effect as to recovery rights of seller.
- Section 445.869 Violation of act; actions; penalties.
- Section 445.870 Violation of act; assurance of discontinuance; acceptance by attorney general, approval of circuit court.
- Section 445.871 Violation of order of circuit court; civil penalty.
- Section 445.871a Compliance with federal truth-in-lending act; violation as unintentional and bona fide error; burden of proof.
- Section 445.872 Effect of act as to prior contracts.
- Section 445.873 Time price differential consisting of interest on amount of unpaid principal balance of contract; modifications.
Disclaimer: These codes may not be the most recent version. Michigan may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.