Installment Contract or Retail Charge Agreement; Delinquency and Collection Charge - Mich. Comp. Laws Section 445.859
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Michigan Laws > Trade And Commerce > Installment Contract or Retail Charge Agreement; Delinquency and Collection Charge - Mich. Comp. Laws Section 445.859
445.859 Installment contract or retail charge agreement; delinquency and collection charge.
Sec. 9.
The holder of an installment contract or retail charge agreement, or retail charge agreement including a contract subject to section 23, if it so provides, may collect a delinquency and collection charge on each installment in default for a period of more than 10 days. A delinquency and collection charge is not a liquidated damage.
History: 1966, Act 224, Eff. Mar. 10, 1967
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Am. 1993, Act 112, Eff. Sept. 19, 1993
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Am. 1995, Act 167, Eff. Mar. 28, 1996
Section: 445.852 445.853 445.854 445.855 445.856 445.857 445.858 445.859 445.860 445.861 445.862 445.862a 445.863 445.864 445.865
Last modified: March 17, 2013
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