Source: https://www.lawserver.com/law/state/michigan/mi-laws/michigan_laws_chapter_445_act_224_of_1966
Timestamp: 2020-07-15 02:53:13
Document Index: 788493866

Matched Legal Cases: ['§ 445', '§ 445', '§ 445', '§ 445', '§ 445', '§ 445', '§ 445', '§ 445', '§ 445', '§ 445', '§ 445', '§ 445', '§ 445', '§ 445', '§ 445', '§ 445', '§ 445', '§ 445', '§ 445', '§ 445', '§ 445', '§ 445', '§ 445', '§ 445', '§ 445', '§ 445', '§ 445']

Michigan Laws > Chapter 445 > Act 224 of 1966 – Retail Installment Sales Act » LawServer
Michigan Laws > Chapter 445 > Act 224 of 1966
Michigan Laws > Chapter 445 > Act 224 of 1966 – Retail Installment Sales Act
§ 445.851 Retail installment sales act; short title
§ 445.851a Truth in lending act; effect of compliance
§ 445.852 Definitions
§ 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 s
§ 445.854 Retail installment contracts; single document not required; sales slip, account book, other written statements
§ 445.855 Transactions negotiated and entered into by mail or telephone; applicable provisions of act; memorandum
§ 445.856 Retail installment contracts; blank space; filling
§ 445.857 Time price differential; limitation; computation; minimum time price differential
§ 445.858 Prepayment of unpaid balance; amount of refund credit
§ 445.859 Installment contract or retail charge agreement; delinquency and collection charge
§ 445.860 Retail installment contracts; statement of dates, payments and unpaid balances; receipt
§ 445.861 Retail installment transactions; subsequent purchases; previous contracts; inclusion and consolidation; new schedule of installment payments
§ 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; adj
§ 445.862a Submission of invoice evidencing credit card sale
§ 445.863 Retail installment contracts or charge agreements; insurance included in cost; requirements; minimum charges; refunds
§ 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 finan
§ 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
§ 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
§ 445.866 Waiver of act as to buyers’ protection prohibited
§ 445.867 Violation of act; misdemeanor
§ 445.868 Violation of act; effect as to recovery rights of seller
§ 445.869 Violation of act; actions; penalties
§ 445.870 Violation of act; assurance of discontinuance; acceptance by attorney general, approval of circuit court
§ 445.871 Violation of order of circuit court; civil penalty
§ 445.871a Compliance with federal truth-in-lending act; violation as unintentional and bona fide error; burden of proof
§ 445.872 Effect of act as to prior contracts
§ 445.873 Time price differential consisting of interest on amount of unpaid principal balance of contract; modifications
Terms Used In Michigan Laws > Chapter 445 > Act 224 of 1966
buyer: means a person that buys or agrees to buy goods or obtain services or agrees to have services rendered or furnished from a retail seller. See Michigan Laws 445.852
Cash sale price: means the price of a good or service a retail buyer would pay if he or she paid for the good or service in cash, and that is stated in a retail installment contract or in a sales slip or other memorandum furnished by a retail seller to a retail buyer pursuant to a retail charge agreement for that good or service. See Michigan Laws 445.852
Goods: means all tangible chattels purchased primarily for personal, family, or household use and not for commercial, agricultural, or business use. See Michigan Laws 445.852
Holder: means a retail seller of goods or services covered by a retail installment contract or retail charge agreement, or an assignee of that seller. See Michigan Laws 445.852
Motor vehicle: means that term as defined in section 2 of the motor vehicle sales finance act, 1950 (Ex Sess) PA 27, MCL 492. See Michigan Laws 445.852
Official fees: means fees prescribed by law and charged and paid by the seller or holder for filing, recording, or otherwise perfecting, releasing, or satisfying, a retained title, lien, or other security interest created by a retail installment transaction. See Michigan Laws 445.852
Person: means an individual, partnership, joint venture, corporation, limited liability company, association, or other legal entity. See Michigan Laws 445.852
Principal balance: means the cash sale price of the goods or services covered by a retail installment contract plus the amounts, if any, included in the cash sale price if a separate identified charge is made and stated in the contract for insurance or official fees, less the amount of the buyer's down payment in money or goods, or both. See Michigan Laws 445.852
Retail charge agreement: means an instrument prescribing the terms of a secured or unsecured retail installment transaction that may be made under the instrument from time to time and under the terms of which a time price differential is to be computed in relation to the buyer's unpaid balance from time to time. See Michigan Laws 445.852
Retail installment contract: means an instrument entered into in this state evidencing a secured or unsecured retail installment transaction, and includes a chattel mortgage, a security agreement, a conditional sale contract, or a bailment or lease contract if the bailment or lease contract requires the bailee or lessee to pay an amount equal to or greater than the value of the bailed or leased good, and additionally provides that the bailee or lessee shall become, for no additional consideration or for nominal consideration, the owner of the good on full compliance with the bailment or lease contract. See Michigan Laws 445.852
Retail installment transaction: means any transaction in which a retail buyer purchases goods or services from a retail seller pursuant to a retail installment contract or a retail charge agreement that provides for a time price differential and under which the buyer agrees to pay the unpaid balance in 1 or more installments. See Michigan Laws 445.852
seller: means a person regularly and principally engaged in the business of selling goods or services to retail buyers, but does not include the services of a professional person licensed by the state to perform legal or dental services or medical services as a medical doctor or a doctor of osteopathy. See Michigan Laws 445.852
Services: means work, labor, advice, counseling, or instruction if purchased primarily for personal, family, or household use and not for commercial or business use. See Michigan Laws 445.852
Time price differential: means the amount a buyer pays or is required to pay for the privilege of purchasing goods or services in installments over a period of time. See Michigan Laws 445.852
Time sale price: means the cash sale price of goods or services and the amount, if any, included for official fees, the time price differential, and, if a separate identified charge is made, for insurance. See Michigan Laws 445.852