Section 445.851 – Retail Installment Sales Act; Short Title.

445.851 Retail installment sales act; short title. Sec. 1. This act shall be known and may be cited as the “retail installment sales act”. History: 1966, Act 224, Eff. Mar. 10, 1967

Section 445.851a – Truth in Lending Act; Effect of Compliance.

445.851a Truth in lending act; effect of compliance. Sec. 1a. Compliance with the requirements of the truth in lending act, title I of Public Law 90-321, 15 U.S.C. 1601 to 1608, 1610 to 1613, 1615, 1631 to 1635, 1637 to 1638, 1640 to 1647, and 1661 to 1667e, is compliance with the disclosure provisions of […]

Section 445.852 – Definitions.

445.852 Definitions. Sec. 2. As used in this act: (a) “Cash sale price” means the price of a good or service a retail buyer would pay if he or she paid for the good or service in cash, and that is stated in a retail installment contract or in a sales slip or other memorandum […]

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.

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. Sec. 3. Each retail installment contract shall be in writing, dated, signed by the retail buyer or the authorized representative of the retail buyer and completed as to […]

Section 445.854 – Retail Installment Contracts; Single Document Not Required; Sales Slip, Account Book, Other Written Statements.

445.854 Retail installment contracts; single document not required; sales slip, account book, other written statements. Sec. 4. A retail installment contract need not be contained in a single document. If the contract is contained in more than 1 document, 1 such document may be an original document signed by the retail buyer, stated to be […]

Section 445.855 – Transactions Negotiated and Entered Into by Mail or Telephone; Applicable Provisions of Act; Memorandum.

445.855 Transactions negotiated and entered into by mail or telephone; applicable provisions of act; memorandum. Sec. 5. (1) A retail installment transaction negotiated and entered into by mail or telephone without personal solicitations by a salesperson or other representative of the seller and based upon a catalog of the seller, or other printed solicitation which […]

Section 445.856 – Retail Installment Contracts; Blank Space; Filling.

445.856 Retail installment contracts; blank space; filling. Sec. 6. A retail installment contract shall not be signed by any party thereto when it contains blank spaces of items which are essential provisions of the transaction, but if delivery of the goods is not made at the time of the execution of the contract, the identifying […]

Section 445.857 – Time Price Differential; Limitation; Computation; Minimum Time Price Differential.

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 […]

Section 445.858 – Prepayment of Unpaid Balance; Amount of Refund Credit.

445.858 Prepayment of unpaid balance; amount of refund credit. Sec. 8. (1) Notwithstanding contrary provisions of a retail installment contract, a buyer may prepay in full the unpaid balance of the retail installment contract at any time before its final due date and, if the buyer does so, shall receive a refund credit for the […]

Section 445.859 – Installment Contract or Retail Charge Agreement; Delinquency and Collection Charge.

445.859 Installment contract or retail charge agreement; delinquency and collection charge. Sec. 9. The holder of an installment contract or retail charge agreement, or retail charge agreement including a contract subject to section 23, if it so provides, may collect a delinquency and collection charge on each installment in default for a period of more […]

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 […]

Section 445.861 – Retail Installment Transactions; Subsequent Purchases; Previous Contracts; Inclusion and Consolidation; New Schedule of Installment Payments.

445.861 Retail installment transactions; subsequent purchases; previous contracts; inclusion and consolidation; new schedule of installment payments. Sec. 11. (a) If, in a retail installment transaction, a retail buyer purchases goods or services from a retail seller from whom he or she has previously purchased goods or services under 1 or more retail installment contracts, and […]

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.

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. Sec. 12. (a) A retail charge agreement shall be in writing and signed by the buyer or the authorized representative […]

Section 445.862a – Submission of Invoice Evidencing Credit Card Sale.

445.862a Submission of invoice evidencing credit card sale. Sec. 12a. If a retail seller elects to accept a credit card issued by a bank, the retail seller shall not submit an invoice evidencing such credit card sale to the card issuer until the goods or services purchased with the credit card have been delivered to […]

Section 445.863 – Retail Installment Contracts or Charge Agreements; Insurance Included in Cost; Requirements; Minimum Charges; Refunds.

445.863 Retail installment contracts or charge agreements; insurance included in cost; requirements; minimum charges; refunds. Sec. 13. (a) If the cost of insurance is included in the retail installment contract or the retail charge agreement and a separate charge is made to the buyer for the insurance: (1) The contract or agreement shall state the […]

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).

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). Sec. 14. (1) Any of the following provisions contained in a retail installment contract or retail charge […]

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.

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. Sec. 15. Notwithstanding the provisions of any other law and notwithstanding any agreement to the contrary: […]

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.

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. Sec. 15a. (1) For the purposes of this act, a retail installment contract, retail charge agreement, or other retail installment transaction shall be considered to have been made in this state […]

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