492.117 Installment sale contract; costs; fees. Sec. 17. (a) In addition to the cost of insurance premiums and travel emergency benefits authorized in the preceding section of this act, the seller of a motor vehicle under an installment sale contract may require the buyer to pay certain other costs incurred in the sale of a […]
492.118 Finance charge on installment sale contract; maximum rate; computation. Sec. 18. (1) A seller licensed under this act may charge the buyer a finance charge on any installment sale contract covering the retail sale of a motor vehicle in this state. The finance charge shall not exceed the rate permitted by the credit reform […]
492.119 Installment sale contract; extension; refinance charges; maximum rate; cash loans. Sec. 19. (a) The holder of an installment sale contract may extend the scheduled due date, defer a payment or payments, or renew the unpaid time balance of the contract. (b) The holder may contract for, receive, and collect a refinance charge for the […]
492.120 Installment sale contract; default charge; maximum rate; computation; collection. Sec. 20. A default charge may be collected on each installment payment of an installment sale contract, including a contract subject to section 41, that is not paid on or before the due date of the payment. The default charge shall not exceed the rate […]
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 […]
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 […]
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 […]
492.123-492.127 Repealed. 1962, Act 174, Eff. Jan. 1, 1964. Compiler’s Notes: The repealed sections pertained to the regulation of repossessions, redemptions, resales and deficiency judgments, and the rights, of parties with respect thereto.
492.128 Installment sale contract; buyer furnished statement of account, contents; fee for additional statement. Sec. 28. (a) At any time after execution of an installment sale contract and within 1 year after termination of such contract, the holder of such contract shall furnish the buyer, upon request, with a complete and detailed statement of account […]
492.129 Installment sale contract; receipt, contents; payment by mail. Sec. 29. (a) Whenever payment is made on account of any installment sale contract, the person receiving such payment shall, at the time of receiving such payment, furnish to the buyer or to the person making the payment on behalf of the buyer, a complete written […]
492.130 Installment sale contract; payment in full, release, discharge, instruments delivered to buyer. Sec. 30. (a) Upon payment in full of the time balance and other amounts lawfully due under an installment sale contract, the holder shall, unless the buyer is otherwise indebted to the holder and has secured such debt by lien upon the […]
492.131 Installment sale contract; limitation on charges; charges prohibited; equity transfer. Sec. 31. (a) A licensee under this act shall not charge, contract for, collect, or receive from the buyer, directly or indirectly, any further or other amount for costs, charges, examination, appraisal, service, brokerage, commission, expense, interest, discount, fees, fines, penalties, or other thing […]
492.132 Installment sale contract; waiver. Sec. 32. No act, agreement or statement of any buyer in any installment sale contract shall constitute a valid waiver of any provision of this act intended by the legislature for the benefit or protection of retail installment buyers of motor vehicles. History: 1950, Ex. Sess., Act 27, Eff. Mar. […]
492.133 Installment sale contract; prior contracts. Sec. 33. The provisions of this act shall not apply to or affect the validity of any contract otherwise within the purview of this act which is made prior to the effective date of the respective provisions of this act governing such contracts. History: 1950, Ex. Sess., Act 27, […]
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 […]
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 […]
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 […]
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 […]
492.138 Repealed. 1988, Act 242, Eff. Aug. 1, 1988. Compiler’s Notes: The repealed section pertained to enforcement of act.
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.
