Section 492.134 – Installment Sale Contract; Expiration, Surrender or Revocation of License.
492.134 Installment sale contract; expiration, surrender or revocation of license. Sec. 34. (a) The expiration, surrender or revocation of a license, issued pursuant to this act, shall not impair or affect the obligation of any motor vehicle installment sale contract entered into lawfully or lawfully acquired by a holder: Provided, however, That the holder of […]
Section 492.135 – Installment Sale Contract; Sales Outside State.
492.135 Installment sale contract; sales outside state. Sec. 35. Nothing in this act shall be construed to prevent the enforcement in the state of Michigan of an obligation arising from the sale of a motor vehicle made outside of the state of Michigan under an installment sale contract valid in such other state, entered into […]
Section 492.136 – Businesses Not Affected or Impaired by Acts.
492.136 Businesses not affected or impaired by acts. Sec. 36. This act shall not affect or impair a business conducted lawfully under the regulatory loan act, 1939 PA 21, MCL 493.1 to 493.24, the banking code of 1999, 1999 PA 276, MCL 487.11101 to 487.15105, or the credit union act, 2003 PA 215, MCL 490.101 […]
Section 492.137 – Violation of Act; Penalty.
492.137 Violation of act; penalty. Sec. 37. (a) Any person, partner, association, business corporation, banking institution, nonprofit corporation, common law trust, joint stock company or any other group of individuals, however organized, or any owner, partner, member, officer, director, trustee, employee, agent, broker or representative thereof who or which shall wilfully or intentionally engage in […]
Section 492.138 – Repealed. 1988, Act 242, Eff. Aug. 1, 1988.
492.138 Repealed. 1988, Act 242, Eff. Aug. 1, 1988. Compiler’s Notes: The repealed section pertained to enforcement of act.
Section 492.139, 492.140 – Repealed. 1964, Act 256, Eff. Aug. 28, 1964.
492.139, 492.140 Repealed. 1964, Act 256, Eff. Aug. 28, 1964. Compiler’s Notes: The repealed sections transferred administration of repealed MCL 491.1 to 491.17 from state treasurer to state banking department and contained severability clause.
Section 492.141 – Optional Method of Computing Finance Charge.
492.141 Optional method of computing finance charge. Sec. 41. Instead of a finance charge computed on the principal amount financed, 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, the transaction is subject to this act […]
Section 492.121 – Installment Sale Contract; Prepayment of Unpaid Time Balance; Rebate of Unearned Finance Charge.
492.121 Installment sale contract; prepayment of unpaid time balance; rebate of unearned finance charge. Sec. 21. (1) The buyer, notwithstanding the provisions of any installment sale contract, may prepay at any time all or a part of the unpaid time balance under an installment sale contract. (2) Except as provided in section 41, when all […]
Section 492.122 – Installment Sale Contract; Payments.
492.122 Installment sale contract; payments. Sec. 22. An installment sale contract may provide for a series of weekly, semi-monthly or monthly payments in substantially equal periods and amounts, followed by a single larger payment of the unpaid time balance, in which event the installment buyer shall have the right to an option, at the time […]
Section 492.122a – Truth in Lending Act; Effect of Compliance.
492.122a Truth in lending act; effect of compliance. Sec. 22a. 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 […]