Section 445.873 – Time Price Differential Consisting of Interest on Amount of Unpaid Principal Balance of Contract; Modifications.
445.873 Time price differential consisting of interest on amount of unpaid principal balance of contract; modifications. Sec. 23. Instead of a time price differential computed on the original principal balance, the seller may charge from time to time a time price differential consisting of interest on the amount of the unpaid principal balance of the […]
Section 445.866 – Waiver of Act as to Buyers’ Protection Prohibited.
445.866 Waiver of act as to buyers’ protection prohibited. Sec. 16. No act or agreement of the retail buyer before or at the time of the making of a retail installment contract, retail charge agreement or purchase thereunder shall constitute a valid waiver of any of the provisions of this act or of any remedies […]
Section 445.867 – Violation of Act; Misdemeanor.
445.867 Violation of act; misdemeanor. Sec. 17. Any person who wilfully and intentionally violates any provisions of this act shall be guilty of a misdemeanor. History: 1966, Act 224, Eff. Mar. 10, 1967
Section 445.868 – Violation of Act; Effect as to Recovery Rights of Seller.
445.868 Violation of act; effect as to recovery rights of seller. Sec. 18. Any seller who enters into any contract or agreement which does not comply with the provisions of this act or who violates any provision of this act except as a result of accidental or bona fide error is barred from the recovery […]
Section 445.869 – Violation of Act; Actions; Penalties.
445.869 Violation of act; actions; penalties. Sec. 19. (1) The attorney general, the prosecuting attorney for the county where an alleged violation occurred, or a borrower may bring an action against a retail seller to do 1 or more of the following: (a) Obtain a declaratory judgment that a method, act, or practice of a […]
Section 445.870 – Violation of Act; Assurance of Discontinuance; Acceptance by Attorney General, Approval of Circuit Court.
445.870 Violation of act; assurance of discontinuance; acceptance by attorney general, approval of circuit court. Sec. 20. The attorney general, or with his consent a prosecuting attorney, may accept an assurance of discontinuance of any act or practice deemed in violation of this act from any person engaging in, or who has engaged in, such […]
Section 445.871 – Violation of Order of Circuit Court; Civil Penalty.
445.871 Violation of order of circuit court; civil penalty. Sec. 21. Any person who violates any order of a circuit court issued pursuant to this act shall forfeit and pay a civil penalty of not more than $1,000.00. For the purpose of this section, the court issuing any order shall retain jurisdiction for a period […]
Section 445.871a – Compliance With Federal Truth-in-Lending Act; Violation as Unintentional and Bona Fide Error; Burden of Proof.
445.871a Compliance with federal truth-in-lending act; violation as unintentional and bona fide error; burden of proof. Sec. 21a. A retail seller is not liable for a violation of this act if the retail seller has fully complied with the federal truth-in-lending act, Public Law 90-321, 15 U.S.C. 1601 to 1607e and shows that the violation […]
Section 445.872 – Effect of Act as to Prior Contracts.
445.872 Effect of act as to prior contracts. Sec. 22. The provisions of this act shall not invalidate or make unlawful or unenforceable, retail installment contracts or retail charge agreements executed prior to the effective date of this act, or liabilities at any time incurred thereunder. History: 1966, Act 224, Eff. Mar. 10, 1967
Section 445.860 – Retail Installment Contracts; Statement of Dates, Payments and Unpaid Balances; Receipt.
445.860 Retail installment contracts; statement of dates, payments and unpaid balances; receipt. Sec. 10. Upon written request of the buyer, the holder of a retail installment contract shall give or forward to the buyer a written statement of the dates and amounts of payments and the total amount unpaid under the contract. A buyer shall […]