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 […]