Section 445.1406 – Unauthorized Charges.
445.1406 Unauthorized charges. Sec. 406. A person shall not charge, collect, or receive from a buyer, directly or indirectly, any further or other amount for costs, credit investigation charges, insurance premiums, examination, appraisal, service, brokerage, commission, interest, discount, expense, fee, fine, penalty, or other thing of value in connection with a home improvement installment contract, […]
Section 445.1407 – Cash Loans.
445.1407 Cash loans. Sec. 407. A cash loan shall not directly or indirectly be included in or combined or consolidated with any home improvement installment contract, home improvement charge sale, or home improvement charge agreement, or with any extension, deferment, refinancing, add-on, or consolidation agreement pertaining thereto. History: 1965, Act 332, Eff. Jan. 1, 1966 […]
Section 445.1307 – Finance Charge; Computation, Maximum Sale.
445.1307 Finance charge; computation, maximum sale. Sec. 307. Subject to the provisions of section 301, the finance charge to be included in a consolidated time balance shall be determined by applying a finance charge at a rate not exceeding the maximum rate specified in that section to either: (a) The total of the principal amount […]
Section 445.1308 – Subsequent Sale; Memorandum, Contents.
445.1308 Subsequent sale; memorandum, contents. Sec. 308. When a subsequent home improvement installment sale is made, the contractor shall deliver to the buyer, at the time the contract is executed, a memorandum which shall set forth the following with respect to the subsequent sale: (a) The name and place of business of the contractor, the […]
Section 445.1309 – Optional Method of Computing Finance Charge.
445.1309 Optional method of computing finance charge. Sec. 309. Instead of a finance charge computed on the principal amount financed as determined under section 203 or 308, the seller may charge from time to time a finance charge consisting of interest on the amount of the unpaid principal balance of the contract. In this event, […]
Section 445.1206 – Home Improvement Installment Contract and Home Improvement Charge Agreement; Prohibited Provisions.
445.1206 Home improvement installment contract and home improvement charge agreement; prohibited provisions. Sec. 206. (1) A home improvement installment contract or home improvement charge agreement shall not contain any provision by which: (a) The buyer agrees not to assert against a contractor a claim or defense arising out of the home improvement installment sale or […]
Section 445.1207 – Evidence of Obligation; Holder Subject to Claims and Defenses of Buyer; Limitation on Buyer’s Recovery.
445.1207 Evidence of obligation; holder subject to claims and defenses of buyer; limitation on buyer’s recovery. Sec. 207. Notwithstanding the provisions of any other law and notwithstanding any agreement to the contrary: (a) A person shall not take a negotiable instrument, other than a currently dated check or draft, as evidence of the obligation of […]
Section 445.1208 – Repealed. 1972, Act 193, Eff. Jan. 1, 1973.
445.1208 Repealed. 1972, Act 193, Eff. Jan. 1, 1973. Compiler’s Notes: The repealed section pertained to assignments of home improvement installment contracts.
Section 445.1209 – Home Improvement Installment Contract; Provisions as to Delinquency and Collection Charges, Court Costs and Attorney Fees.
445.1209 Home improvement installment contract; provisions as to delinquency and collection charges, court costs and attorney fees. Sec. 209. A home improvement installment contract may provide for the payment by the buyer of a delinquency and collection charge on each installment in default for a period of not less than 10 days in an amount […]
Section 445.1301 – Finance Charges.
445.1301 Finance charges. Sec. 301. (1) The maximum finance charge included in a home improvement installment contract payable in substantially equal successive monthly installments beginning 1 month from the date the finance charge accrues, shall not exceed $8.00 per $100.00 per annum. However, on a contract which is entered into before December 31, 1991, and […]