Prepayment of Unpaid Balance; Amount of Refund Credit - Mich. Comp. Laws Section 445.858
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Michigan Laws > Trade And Commerce > Prepayment of Unpaid Balance; Amount of Refund Credit - Mich. Comp. Laws Section 445.858
445.858 Prepayment of unpaid balance; amount of refund credit.
Sec. 8.
(1) Notwithstanding contrary provisions of a retail installment contract, a buyer may prepay in full the unpaid balance of the retail installment contract at any time before its final due date and, if the buyer does so, shall receive a refund credit for the prepayment, except as provided in section 23. The amount of the refund credit shall not be less than the amount that would be refunded using the actuarial method.
(2) A refund credit of less than $1.00 need not be made.
History: 1966, Act 224, Eff. Mar. 10, 1967
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Am. 1978, Act 97, Imd. Eff. Apr. 5, 1978
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Am. 1995, Act 167, Eff. Mar. 28, 1996
Section: 445.851a 445.852 445.853 445.854 445.855 445.856 445.857 445.858 445.859 445.860 445.861 445.862 445.862a 445.863 445.864
Last modified: March 17, 2013
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