reglab/housing_qa huggingface dataset:
MI Comp L § 445.1202 (2021)
2021 Michigan Compiled Laws|Chapter 445 - Trade and Commerce|Act 332 of 1965 - Home Improvement Finance Act (445.1101 - 445.1431)|332-1965-2 - Part 2 (445.1201...445.1209)|Section 445.1202 - Home Improvement Installment Contract; Contents Required.

445.1202 Home improvement installment contract; contents required. Sec. 202.  A home improvement installment contract shall contain:  (a) The entire agreement of the parties with respect to the goods and services.  (b) Either at the top of the contract or directly above the space reserved for the signature of the buyer, the words "home improvement installment contract" and shall appear in at least 10-point bold type.  (c) A notice in at least 8-point bold type reading as follows: "Notice to buyer: (1) Do not sign this contract before you read it. (2) You are entitled to a completely filled-in copy of this contract. (3) Under the law, you have the right to pay off in advance the full amount due and, under certain conditions, to obtain a partial refund of the finance charge. (4) You may rescind or cancel this contract, not later than 5 p.m. on the business day following the date thereof by giving written notice of rescission to the contractor or his agent at his place of business given in the contract or by mailing the notice or cancellation to the contractor to his place of business given in the contract by depositing a properly addressed certified letter in a United States post office or mail box, but if you rescind after 5 p.m. on the business day following, you are still entitled to offer defenses in mitigation of damages and to pursue any rights of action or defenses that arise out of the transaction". History: 1965, Act 332, Eff. Jan. 1, 1966
MI Comp L § 445.1204 (2021)
2021 Michigan Compiled Laws|Chapter 445 - Trade and Commerce|Act 332 of 1965 - Home Improvement Finance Act (445.1101 - 445.1431)|332-1965-2 - Part 2 (445.1201...445.1209)|Section 445.1204 - Home Improvement Installment Contract; Delivery of Copy to Buyer; Acknowledgment, Form.

445.1204 Home improvement installment contract; delivery of copy to buyer; acknowledgment, form. Sec. 204.  The contractor shall deliver to the buyer at the time the contract is executed a copy thereof completed in accordance with the provisions of this act. Until the contractor does so, the buyer shall not be obligated to pay. Any acknowledgment by the buyer of the delivery of a copy of the contract shall be printed or written in a size equal to at least 10-point bold type and, if contained in the contract, shall also appear directly above the space reserved for the buyer's signature. The buyer's written acknowledgment, conforming to the requirements of this section of delivery of a copy of a contract, shall be evidence of such delivery and of compliance with this section in any action or proceeding by or against an assignee of the contract without knowledge to the contrary when he purchases the contract. History: 1965, Act 332, Eff. Jan. 1, 1966
MI Comp L § 445.1204b (2021)
2021 Michigan Compiled Laws|Chapter 445 - Trade and Commerce|Act 332 of 1965 - Home Improvement Finance Act (445.1101 - 445.1431)|332-1965-2 - Part 2 (445.1201...445.1209)|Section 445.1204b - Home Improvement Charge Agreement; Time Price Differential; Lien on Buyer's Principal Residence Prohibited; Attorney's Fee.

445.1204b Home improvement charge agreement; time price differential; lien on buyer's principal residence prohibited; attorney's fee. Sec. 204b.  (1) A home improvement charge agreement may provide for, and the contractor or holder may then charge, collect, and receive, a time price differential for the privilege of paying in installments under the agreement, in an amount not to exceed 1.2% of the unpaid balance per month. An agreement may further provide that if the interest rate paid at 2 successive auctions of 26-week United States treasury bills is 8% or more, then on a home improvement charge sale made after that date the time price differential shall not exceed 1.375% of the unpaid balance per month, but if the interest rate paid at 2 successive auctions of 26-week United States treasury bills falls below 8%, then the time price differential on a home improvement charge sale made after that date shall not exceed 1.2% of the unpaid balance per month, unless the interest rate paid at 2 successive auctions of 26-week United States treasury bills again is 8% or more, in which case the time price differential on a home improvement charge sale made after that date shall not exceed 1.375% of the unpaid balance per month. The time price differential under this subsection shall be computed on all amounts unpaid under the agreement from month to month, which need not be calendar months, or other regular periods. A minimum time price differential not in excess of 70 cents per month may be charged, collected, and received.  (2) The time price differential for purchases made under a home improvement charge agreement shall not be computed or imposed on an amount charged for the sale of goods or services until those goods or services have been delivered to the purchaser of the goods or services. If the time price differential is charged before delivery of the goods or services, the charges applied before the delivery date shall be adjusted upon the request of the purchaser in accordance with part D of title I of the federal consumer credit protection act, 15 U.S.C. 1666 to 1666j.  (3) A change in the rate of the time price differential charged pursuant to a home improvement charge agreement shall not apply to a balance incurred prior to the effective date of the change.  (4) An extension of credit under a home improvement charge agreement shall not be secured by a lien on the buyer's principal residence.  (5) A home improvement charge agreement may also provide for the payment of an attorney's reasonable fee where it is referred for collection to an attorney who is not a salaried employee of the holder of the home improvement charge agreement or an unpaid balance under the agreement, and for court costs. History: Add. 1985, Act 202, Imd. Eff. Dec. 27, 1985
MI Comp L § 445.1205 (2021)
2021 Michigan Compiled Laws|Chapter 445 - Trade and Commerce|Act 332 of 1965 - Home Improvement Finance Act (445.1101 - 445.1431)|332-1965-2 - Part 2 (445.1201...445.1209)|Section 445.1205 - Home Improvement Installment Contract; Statement as to Insurance.

445.1205 Home improvement installment contract; statement as to insurance. Sec. 205.  If the premium paid for group credit life or other insurance is included in the home improvement installment contract and a separate charge is made to the buyer for such insurance, the contract shall state whether the insurance is to be procured by the buyer or the contractor. History: 1965, Act 332, Eff. Jan. 1, 1966
MI Comp L § 445.1206 (2021)
2021 Michigan Compiled Laws|Chapter 445 - Trade and Commerce|Act 332 of 1965 - Home Improvement Finance Act (445.1101 - 445.1431)|332-1965-2 - Part 2 (445.1201...445.1209)|Section 445.1206 - Home Improvement Installment Contract and Home Improvement Charge Agreement; Prohibited Provisions.

445.1206 Home improvement installment contract and home improvement charge agreement; prohibited provisions. Sec. 206.  (1) A home improvement installment contract or home improvement charge agreement shall not contain any provision by which:  (a) The buyer agrees not to assert against a contractor a claim or defense arising out of the home improvement installment sale or a home improvement charge sale or agrees not to assert against an assignee such a claim or defense.  (b) In the absence of the buyer's default in the performance of any of the buyer's obligations, the holder may, arbitrarily and without reasonable cause, accelerate the maturity of any or all of the amount owing thereunder.  (c) The buyer waives any right of action against the contractor or holder, or a person acting on his or her behalf, for any illegal act committed in the collection of payments under the contract or agreement.  (d) The buyer relieves the contractor from liability for any legal remedies which the buyer may have against the contractor under the contract or agreement or any separate instrument executed in connection with the contract or agreement.  (e) The contractor, or holder, or a person acting on his or her behalf, is authorized to enter upon the premises of the buyer unlawfully, or is authorized to commit any breach of the peace in connection with any repossession or other entry upon the premises of the buyer.  (f) The contractor is entitled to liquidated damages for any cancellation, rescission, or failure or refusal to accept delivery of the goods or performance of the services covered in the contract or provided pursuant to the agreement.  (2) Any provision prohibited under subsection (1) is void but shall not otherwise affect the validity of the contract or agreement. History: 1965, Act 332, Eff. Jan. 1, 1966 ;-- Am. 1985, Act 202, Imd. Eff. Dec. 27, 1985
MI Comp L § 445.1207 (2021)
2021 Michigan Compiled Laws|Chapter 445 - Trade and Commerce|Act 332 of 1965 - Home Improvement Finance Act (445.1101 - 445.1431)|332-1965-2 - Part 2 (445.1201...445.1209)|Section 445.1207 - Evidence of Obligation; Holder Subject to Claims and Defenses of Buyer; Limitation on Buyer's Recovery.

445.1207 Evidence of obligation; holder subject to claims and defenses of buyer; limitation on buyer's recovery. Sec. 207.  Notwithstanding the provisions of any other law and notwithstanding any agreement to the contrary:  (a) A person shall not take a negotiable instrument, other than a currently dated check or draft, as evidence of the obligation of the buyer in a home improvement installment sale or home improvement charge sale.  (b) A holder of a home improvement contract, home improvement charge agreement, or other evidence of indebtedness of the buyer is subject to all the claims and defenses of the buyer arising out of the home improvement installment sale or a home improvement charge sale, but the buyer's recovery shall not exceed the amount paid to the holder thereunder. History: 1965, Act 332, Eff. Jan. 1, 1966 ;-- Am. 1972, Act 193, Eff. Jan. 1, 1973 ;-- Am. 1980, Act 78, Imd. Eff. Apr. 3, 1980 ;-- Am. 1985, Act 202, Imd. Eff. Dec. 27, 1985
MI Comp L § 445.1208 (2021)
2021 Michigan Compiled Laws|Chapter 445 - Trade and Commerce|Act 332 of 1965 - Home Improvement Finance Act (445.1101 - 445.1431)|332-1965-2 - Part 2 (445.1201...445.1209)|Section 445.1208 - Repealed. 1972, Act 193, Eff. Jan. 1, 1973.

445.1208 Repealed. 1972, Act 193, Eff. Jan. 1, 1973. Compiler's Notes: The repealed section pertained to assignments of home improvement installment contracts.
MI Comp L § 445.1209 (2021)
2021 Michigan Compiled Laws|Chapter 445 - Trade and Commerce|Act 332 of 1965 - Home Improvement Finance Act (445.1101 - 445.1431)|332-1965-2 - Part 2 (445.1201...445.1209)|Section 445.1209 - Home Improvement Installment Contract; Provisions as to Delinquency and Collection Charges, Court Costs and Attorney Fees.

445.1209 Home improvement installment contract; provisions as to delinquency and collection charges, court costs and attorney fees. Sec. 209.  A home improvement installment contract may provide for the payment by the buyer of a delinquency and collection charge on each installment in default for a period of not less than 10 days in an amount not in excess of 5% of such installment or $5.00, whichever is less. Only 1 such delinquency and collection charge may be collected on any such installment regardless of the period during which it remains in default. A contract may also provide for the payment of court costs actually incurred and of attorney's fees not exceeding 20% of the amount due and payable under such contract if the attorney is not a salaried employee of the contractor or holder for collection. History: 1965, Act 332, Eff. Jan. 1, 1966
MI Comp L § 445.1302 (2021)
2021 Michigan Compiled Laws|Chapter 445 - Trade and Commerce|Act 332 of 1965 - Home Improvement Finance Act (445.1101 - 445.1431)|332-1965-3 - Part 3 (445.1301...445.1309)|Section 445.1302 - Division of Transaction Prohibited.

445.1302 Division of transaction prohibited. Sec. 302.  A contractor shall not induce or permit a buyer to split up or divide any transaction that otherwise would be a home improvement installment sale or home improvement charge sale for the purpose of qualifying for any exclusion under section 102(j), (l), or (m). History: 1965, Act 332, Eff. Jan. 1, 1966 ;-- Am. 1985, Act 202, Imd. Eff. Dec. 27, 1985
MI Comp L § 445.1303 (2021)
2021 Michigan Compiled Laws|Chapter 445 - Trade and Commerce|Act 332 of 1965 - Home Improvement Finance Act (445.1101 - 445.1431)|332-1965-3 - Part 3 (445.1301...445.1309)|Section 445.1303 - Payment of Contract in Full Before Maturity; Refund Credit.

445.1303 Payment of contract in full before maturity; refund credit. Sec. 303.  (1) Notwithstanding the provisions of a home improvement installment contract to the contrary, a buyer may pay the contract in full at any time before maturity and in so paying shall receive a refund credit on the contract, except as provided in section 309. Except as provided in subsection (2), the amount of the refund credit shall represent at least as great a proportion of the finance charge, or if the contract has been extended, deferred, or refinanced, of the additional charge therefor, as the sum of the periodical time balance scheduled by the contract to follow the installment date after the day of prepayment bears to the sum of all the periodical time balances under the schedule of installments in the contract or, if the contract has been extended, deferred, or refinanced, as so extended, deferred, or refinanced.  (2) If a part of the finance charge is computed on an installment as provided in section 301(3), the amount of the refund credit applicable to that part of the finance charge shall represent at least as great a proportion of that part of the finance charge as the number of months to elapse after the month in which prepayment is made to the due date of that installment bears to the number of months from the date the finance charge accrues to the due date of that installment.  (3) Where the amount of the credit for anticipation of payment is less than $1.00, a refund need not be made. Where the earned finance charge amounts to less than the minimum finance charge, there may be retained an amount equal to the minimum finance charge under section 301.  History: 1965, Act 332, Eff. Jan. 1, 1966 ;-- Am. 1978, Act 96, Imd. Eff. Apr. 5, 1978
MI Comp L § 445.1304 (2021)
2021 Michigan Compiled Laws|Chapter 445 - Trade and Commerce|Act 332 of 1965 - Home Improvement Finance Act (445.1101 - 445.1431)|332-1965-3 - Part 3 (445.1301...445.1309)|Section 445.1304 - Scheduled Payments; Extension of Due Date; Deferral Charge.

445.1304 Scheduled payments; extension of due date; deferral charge. Sec. 304.  The holder of a home improvement installment contract, upon agreement in writing with the buyer, may extend the scheduled due date or defer the scheduled payment of all or of any part of any installment or installments payable thereunder. The holder may charge and contract for the payment of an extension or deferral charge by the buyer and collect and receive the same, but such charge may not exceed an amount equal to 1% per month simple interest on the amount of the installment or installments, or part thereof, extended or deferred for the period of extension or deferral. Such period shall not exceed the period from the date when such extended or deferred installment, or part thereof, would have been payable in the absence of such extension or deferral, to the date when such installment or installments, or part thereof, are made payable under the agreement of extension or deferment; except that a minimum charge of $1.00 for the period of extension or deferral may be made in any case where the extension or deferral charge, when computed at such rate, amounts to less than $1.00. The agreement may also provide for payment by the buyer of the additional cost to the holder of the contract of premiums for continuing in force, until the end of such period of extension or deferral, any insurance coverages provided for in the contract. History: 1965, Act 332, Eff. Jan. 1, 1966
MI Comp L § 445.1305 (2021)
2021 Michigan Compiled Laws|Chapter 445 - Trade and Commerce|Act 332 of 1965 - Home Improvement Finance Act (445.1101 - 445.1431)|332-1965-3 - Part 3 (445.1301...445.1309)|Section 445.1305 - Refinancing Payment of Unpaid Balance; Refinance Charge, Computation; Refinancing Agreement, Consolidation of Contracts.

445.1305 Refinancing payment of unpaid balance; refinance charge, computation; refinancing agreement, consolidation of contracts. Sec. 305.  The holder of a home improvement installment contract, upon agreement in writing with the buyer, may refinance the payment of the unpaid time balance of the contract by providing for a new schedule of installment payments. The holder may charge and contract for the payment of a refinanced charge by the buyer and collect and receive the same, but such refinance charge shall be based upon the amount refinanced, plus any additional cost of insurance and of official fees incident to such refinancing, after the deduction of a refund credit in an amount equal to that to which the buyer would have been entitled under section 303 if he had prepaid in full his obligations under the contract or contracts, computed without allowance for any minimum earned finance charge. Such refinance charge shall not exceed the rate of finance charge provided under section 301. The agreement for refinancing may also provide for the payment by the buyer of the additional cost to the holder of the contract of premiums for continuing in force, until the maturity of the contract as refinanced, any insurance coverages provided therein. The refinancing agreement shall set forth the amount of the unpaid time balance to be refinanced, the amount of any refund credit, the amount to be refinanced after the deduction of the refund credit, any additional premiums paid for insurance and of official fees to the buyer, the amount of the finance charge under the refinancing agreement, the new unpaid time balance and the new schedule of installment payments. A refinancing agreement between a financing agency and a buyer may consolidate the new unpaid time balances of 2 or more home improvement installment contracts by providing for a new schedule of consolidated installment payments, and may provide for the acceleration of the consolidated time balance upon a failure of the buyer to pay in full any consolidated installment payment. A contractor may not consolidate 2 or more home improvement installment contracts except to the extent provided in sections 306, 307 and 308. History: 1965, Act 332, Eff. Jan. 1, 1966
MI Comp L § 445.1306 (2021)
2021 Michigan Compiled Laws|Chapter 445 - Trade and Commerce|Act 332 of 1965 - Home Improvement Finance Act (445.1101 - 445.1431)|332-1965-3 - Part 3 (445.1301...445.1309)|Section 445.1306 - Add-on Sales; Optional Contract Provisions; Finance Charges, Insurance.

445.1306 Add-on sales; optional contract provisions; finance charges, insurance. Sec. 306.  A home improvement installment contract may provide that the contractor may at his option add to the contract subsequent home improvement installment sales made by such contractor to the buyer, and that the total time balance of the goods and services covered by the contract shall be increased by the principal amount financed under the subsequent sale or sales, and that all finance charges and installment payments may, at the contractor's option, be increased proportionately and that all terms and conditions of the contract shall apply equally to such sale or sales. In addition, the contract may provide for the payment by the buyer of the additional cost of premiums for continuing in force, until the due date of the final installment of the consolidated time balance, any insurance coverages provided for therein. The minimum finance charge as provided in section 301 may be used but once in any series of add-on home improvement installment sales. History: 1965, Act 332, Eff. Jan. 1, 1966
MI Comp L § 445.1307 (2021)
2021 Michigan Compiled Laws|Chapter 445 - Trade and Commerce|Act 332 of 1965 - Home Improvement Finance Act (445.1101 - 445.1431)|332-1965-3 - Part 3 (445.1301...445.1309)|Section 445.1307 - Finance Charge; Computation, Maximum Sale.

445.1307 Finance charge; computation, maximum sale. Sec. 307.  Subject to the provisions of section 301, the finance charge to be included in a consolidated time balance shall be determined by applying a finance charge at a rate not exceeding the maximum rate specified in that section to either:  (a) The total of the principal amount financed under the subsequent sale and the unpaid balance of any previous contract determined by deducting from the unpaid time balance thereof as of the date the finance charge is to accrue on the subsequent sale, any then unearned finance charge in an amount not less than the refund credit provided for in section 303 computed without the allowance of any minimum earned finance charge, for the period from the date the finance charge is to accrue on the subsequent sale to and including the date when the final installment of such consolidated time balance is payable; or  (b) The principal amount financed under the subsequent sale for the period from the date the finance charge is to accrue thereon to and including the date when the final installment of such consolidated time balance is payable and, if the due date of the final installment of such consolidated time balance is later than the due date of the final installment of any previous contract included in the consolidated time balance, on the unpaid time balance of such previous contract as of the date the finance charge is to accrue on the subsequent sale for the period from the date when the final installment on the previous contract would have been payable to the date when the final installment of such consolidated time balance is payable. History: 1965, Act 332, Eff. Jan. 1, 1966