492.101 Motor vehicle sales finance act; short title. Sec. 1. This act shall be known and may be cited as the “Motor vehicle sales finance act.” History: 1950, Ex. Sess., Act 27, Eff. Mar. 31, 1951 Compiler’s Notes: For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner […]
492.102 Definitions. Sec. 2. As used in this act: (a) “Administrator” means the director of the department of insurance and financial services. (b) “Cash price” means the price measured in dollars at which a seller of a motor vehicle would in good faith sell to the buyer or to any other buyer under like circumstances, […]
492.103 Installment seller of motor vehicles; sales finance company; license required. Sec. 3. Except for a person licensed under the consumer financial services act, a person shall not engage in this state as a principal, employee, agent, or broker in either of the following unless that person is licensed as provided in this act: (a) […]
492.104 License; application; form; contents; appointment of statutory agent; service of process; separate application for each place of business; renewal. Sec. 4. (1) A person shall file an application for a new or renewal license under this act in writing, under oath, and in the form prescribed by the administrator. (2) A complete license application […]
492.105 Bond to accompany first license application; bond applicable to principal place of business; form; penal sum; execution; condition; action on bond; filing new bond or renewal certificate. Sec. 5. (a) Except as provided in subdivision (b), a bond, in the form prescribed by the administrator, in the penal sum of $20,000.00 shall accompany the […]
492.106 License; application; fee; abatement in amount of license fee; expiration of license; examination fee; hourly rate and per contract rate; invoice; payment; disposition and use of fees and expenses. Sec. 6. (a) An application for license shall be accompanied by a license fee in the following amounts: 1. $30.00 for license as an installment […]
492.106a Receipt of completed application for new or renewal license; issuance of license within certain time period; report. Sec. 6a. (1) Subject to subsection (3), beginning on the effective date of the amendatory act that added this section, the administrator shall approve or reject a new or renewal license application within 90 days after the […]
492.107 License certificate; issuance; posting; license nontransferable and nonassignable; change in business location; notice; amendment of license certificate; fee; operating more than 1 place of business. Sec. 7. (a) Upon approving a license application, the administrator shall issue to the applicant a license certificate showing the name of the person authorized to do business under […]
492.108 License; application, rejection, grounds, notice; retention of fee. Sec. 8. (a) The administrator may reject any application for license or any application for renewal of a license if he is not satisfied that the financial responsibility and the general fitness of the applicant and of the owners, partners or members thereof, if the applicant […]
492.109 License; revocation or suspension; grounds; appeal. Sec. 9. (a) The administrator, upon 30 days written notice to the licensee, forwarded by registered mail to the place of business of such licensee, as shown in the application for license or as amended on the license certificate in case of change of address subsequent to issuance […]
492.110 Investigation and examination of records; access to place of business; required witness attendance; subpoena; forms, rules and regulations. Sec. 10. (a) The administrator is authorized and empowered to investigate and examine at any time during regular business hours any and all books, accounts, papers, records, documents and files, to the extent that such investigation […]
492.111 Books, accounts and records; maintenance. Sec. 11. (a) Every licensee shall maintain, at the place of business designated in the license certificate, such books, accounts and records of the business conducted under the license issued for such place of business as will enable the administrator to determine whether the business of the licensee contemplated […]
492.112 Installment sale contract; contents; signatures; buyer’s copy; notice; form; delivery acknowledgment; payments; applicability. Sec. 12. (a) An installment sale contract shall be in writing, and shall contain all of the agreements between the buyer and the seller relating to the installment sale of the motor vehicle sold, and shall be signed by both the […]
492.113 Installment sale contract; contents; collateral security; notice of legal rights; liability. Sec. 13. (1) An installment sale contract shall include the full names and addresses of all the parties to the contract, the date when signed by the buyer, and a description of the motor vehicle sold that is sufficient for accurate identification. (2) […]
492.113a Installment sale transaction; certain payments by seller on behalf of buyer. Sec. 13a. (1) A seller in an installment sale transaction may pay on behalf of the buyer and agree to finance in the installment sale contract all or part of the balance of any indebtedness secured by a motor vehicle that the seller […]
492.114 Installment sale contract; condition of signing; acceleration clause; right of repossession; prohibited provisions. Sec. 14. (a) An installment sale contract shall not be signed by a party to the contract unless it contains all of the information and statements required by this act. (b) An installment sale contract shall not contain an acceleration clause […]
492.114a Evidence of obligation; holder subject to claims and defenses of buyer; limitation on buyer’s recovery; mandatory provision in installment sale contract; sales to which section applicable; action to collect debt; designation of disinterested third party to receive payments; amount and distribution of payments. Sec. 14a. (a) A person shall not take a negotiable instrument, […]
492.115 Installment sale contract; sale, transfer, assignment; notice to buyer; exception; assignment contracts. Sec. 15. (a) Whenever an installment sale contract is lawfully sold, transferred or assigned to a person who is licensed as a sales finance company, pursuant to the provisions of this act, such new holder shall furnish to the buyer in such […]
492.116 Installment sale contract; insurance of vehicle, limitation, coercion prohibited; premium cost, buyer’s certificate, terms of contract, cancellation. Sec. 16. (a) The buyer of a motor vehicle under an installment sale contract may be required to provide insurance on such motor vehicle at the buyer’s expense for the protection of the seller or subsequent holder. […]
492.116a Unexpired insurance premiums; crediting. Sec. 16a. If unexpired insurance premiums received by the seller or holder resulting from the cancellation of insurance which was originally placed by the buyer’s expense cannot be used in procuring comparable insurance as in section 16, subsection (g), such unexpired insurance premiums shall be credited to the last maturing […]
