Michigan Compiled Laws Act 224 Of 1966 Retail Installment Sales Act (445.851 - 445.873)

• Section 445.851 Retail Installment Sales Act; Short Title.
  This act shall be known and may be cited as the “retail installment sales act”. History: 1966, Act 224, Eff. Mar. 10, 1967
• Section 445.851a Truth In Lending Act; Effect Of Compliance.
  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,...
• Section 445.852 Definitions.
  As used in this act: (a) "Cash sale price" means the price of a good or service a retail buyer would pay if he...
• Section 445.853 Retail Installment Contract; Requirements; Size; Notice To Buyer; Delivery Of Copy; Nondelivery; Provisions; Contents Of Contract; Transaction Involving Vehicle; Terms; Statement That Seller Retains Security Interest.
  Each retail installment contract shall be in writing, dated, signed by the retail buyer or the authorized representative of the retail buyer and completed...
• Section 445.854 Retail Installment Contracts; Single Document Not Required; Sales Slip, Account Book, Other Written Statements.
  A retail installment contract need not be contained in a single document. If the contract is contained in more than 1 document, 1 such...
• Section 445.855 Transactions Negotiated And Entered Into By Mail Or Telephone; Applicable Provisions Of Act; Memorandum.
  (1) A retail installment transaction negotiated and entered into by mail or telephone without personal solicitations by a salesperson or other representative of the...
• Section 445.856 Retail Installment Contracts; Blank Space; Filling.
  A retail installment contract shall not be signed by any party thereto when it contains blank spaces of items which are essential provisions of...
• Section 445.857 Time Price Differential; Limitation; Computation; Minimum Time Price Differential.
  A retail installment contract may provide for, and the seller or holder may then charge, collect, and receive a time price differential that does...
• Section 445.858 Prepayment Of Unpaid Balance; Amount Of Refund Credit.
  (1) Notwithstanding contrary provisions of a retail installment contract, a buyer may prepay in full the unpaid balance of the retail installment contract at...
• Section 445.859 Installment Contract Or Retail Charge Agreement; Delinquency And Collection Charge.
  The holder of an installment contract or retail charge agreement, or retail charge agreement including a contract subject to section 23, if it so...
• Section 445.860 Retail Installment Contracts; Statement Of Dates, Payments And Unpaid Balances; Receipt.
  Upon written request of the buyer, the holder of a retail installment contract shall give or forward to the buyer a written statement of...
• Section 445.861 Retail Installment Transactions; Subsequent Purchases; Previous Contracts; Inclusion And Consolidation; New Schedule Of Installment Payments.
  (a) If, in a retail installment transaction, a retail buyer purchases goods or services from a retail seller from whom he or she has...
• Section 445.862 Retail Charge Agreement; Delivery Of Copy To Buyer; Acknowledgment; Blank Spaces; Statement Of Time Price Differential; Notice To Buyer; Periodic Statement; Computation Of Time Price Differential; Adjustment Of Charges; Attorney's Fee And Court Costs.
  (a) A retail charge agreement shall be in writing and signed by the buyer or the authorized representative of the buyer. A retail charge...
• Section 445.862a Submission Of Invoice Evidencing Credit Card Sale.
  If a retail seller elects to accept a credit card issued by a bank, the retail seller shall not submit an invoice evidencing such...
• Section 445.863 Retail Installment Contracts Or Charge Agreements; Insurance Included In Cost; Requirements; Minimum Charges; Refunds.
  (a) If the cost of insurance is included in the retail installment contract or the retail charge agreement and a separate charge is made...
• Section 445.864 Retail Installment Contracts Or Charge Agreements; Prohibited Provisions; Denial Of Application Based On Geographic Location Of Residence Prohibited; Permissible Conduct; Exemption; Contract For Financial Services Not Required; Offer Of Combination Of Services Not Precluded By Subsection (5).
  (1) Any of the following provisions contained in a retail installment contract or retail charge agreement are void and unenforceable: (a) In the absence...
• Section 445.865 Purchase Or Acquisition Of Retail Installment Contract Or Retail Charge Agreement By Assignee; Terms, Conditions, And Price; Evidence Of Obligation; Validity Of Written Assignment; Notice; Payment To Last Known Holder; Claims And Defenses; Sales To Which Section Applicable.
  Notwithstanding the provisions of any other law and notwithstanding any agreement to the contrary: (a) An assignee may purchase or acquire or agree to...
• Section 445.865a Contracts, Agreements, Or Other Transactions Considered Made In State; Offer Or Agreement To Sell In State; Acceptance Or Offer To Buy In State.
  (1) For the purposes of this act, a retail installment contract, retail charge agreement, or other retail installment transaction shall be considered to have...
• Section 445.866 Waiver Of Act As To Buyers' Protection Prohibited.
  No act or agreement of the retail buyer before or at the time of the making of a retail installment contract, retail charge agreement...
• Section 445.867 Violation Of Act; Misdemeanor.
  Any person who wilfully and intentionally violates any provisions of this act shall be guilty of a misdemeanor. History: 1966, Act 224, Eff. Mar....
• Section 445.868 Violation Of Act; Effect As To Recovery Rights Of Seller.
  Any seller who enters into any contract or agreement which does not comply with the provisions of this act or who violates any provision...
• Section 445.869 Violation Of Act; Actions; Penalties.
  (1) The attorney general, the prosecuting attorney for the county where an alleged violation occurred, or a borrower may bring an action against a...
• Section 445.870 Violation Of Act; Assurance Of Discontinuance; Acceptance By Attorney General, Approval Of Circuit Court.
  The attorney general, or with his consent a prosecuting attorney, may accept an assurance of discontinuance of any act or practice deemed in violation...
• Section 445.871 Violation Of Order Of Circuit Court; Civil Penalty.
  Any person who violates any order of a circuit court issued pursuant to this act shall forfeit and pay a civil penalty of not...
• Section 445.871a Compliance With Federal Truth-in-lending Act; Violation As Unintentional And Bona Fide Error; Burden Of Proof.
  A retail seller is not liable for a violation of this act if the retail seller has fully complied with the federal truth-in-lending act,...
• Section 445.872 Effect Of Act As To Prior Contracts.
  The provisions of this act shall not invalidate or make unlawful or unenforceable, retail installment contracts or retail charge agreements executed prior to the...
• Section 445.873 Time Price Differential Consisting Of Interest On Amount Of Unpaid Principal Balance Of Contract; Modifications.
  Instead of a time price differential computed on the original principal balance, the seller may charge from time to time a time price differential...

Last modified: October 10, 2016