reglab/housing_qa huggingface dataset:
MI Comp L § 492.112 (2021)
2021 Michigan Compiled Laws|Chapter 492 - Installment Sales of Motor Vehicles|Act 27 of 1950 (Ex. Sess.) - Motor Vehicle Sales Finance Act (492.101 - 492.141)|Section 492.112 - Installment Sale Contract; Contents; Signatures; Buyer's Copy; Notice; Form; Delivery Acknowledgment; Payments; Applicability.

492.112 Installment sale contract; contents; signatures; buyer's copy; notice; form; delivery acknowledgment; payments; applicability. Sec. 12.  (a) An installment sale contract shall be in writing, and shall contain all of the agreements between the buyer and the seller relating to the installment sale of the motor vehicle sold, and shall be signed by both the buyer and the seller.  (b) An installment sale contract shall be completed as to all essential provisions prior to the signing of the contract by the buyer and contain such other information as the administrator may require.  (c) An exact copy of the installment sale contract shall be furnished by the seller to the buyer without charge at the time the buyer signs the contract. The buyer's copy of the contract shall contain the signature of the seller identical with the signature on the original contract.  (d) An installment sale contract shall contain the following notice printed prominently and in the form indicated in 12-point type or larger directly above the space provided in the contract form for the signature of the buyer:  "Notice to buyer. Do not sign this contract in blank. You are entitled to 1 true copy of the contract you sign without charge. Keep it to protect your legal rights."  (e) The seller shall obtain from the buyer a written acknowledgment of the delivery of the copy of the contract. The acknowledgment shall be printed in 12-point type or larger and, if attached to the contract, it shall be printed below the buyer's signature to the contract and independently signed.  (f) An installment sale contract shall provide for weekly, semi-monthly, or monthly payments of the time balance in substantially equal periods and amounts. This subdivision does not apply to installment sale contracts made between an installment seller and an installment buyer who is an employee of the installment seller. This subdivision shall not be construed to prohibit installment sales contracts that extend the time for making installment payments for a period of not to exceed 3 months. This subdivision does not preclude the exceptional installment sale contract provided for in section 22 of this act. History: 1950, Ex. Sess., Act 27, Eff. Mar. 31, 1951 ;-- Am. 1954, Act 132, Imd. Eff. Apr. 23, 1954 ;-- Am. 1994, Act 2, Imd. Eff. Feb. 17, 1994
MI Comp L § 492.113a (2021)
2021 Michigan Compiled Laws|Chapter 492 - Installment Sales of Motor Vehicles|Act 27 of 1950 (Ex. Sess.) - Motor Vehicle Sales Finance Act (492.101 - 492.141)|Section 492.113a - Installment Sale Transaction; Certain Payments by Seller on Behalf of Buyer.

492.113a Installment sale transaction; certain payments by seller on behalf of buyer.Sec. 13a.  (1) A seller in an installment sale transaction may pay on behalf of the buyer and agree to finance in the installment sale contract all or part of the balance of any indebtedness secured by a motor vehicle that the seller takes in trade in the installment sale transaction or all or any part of the balance owed under a lease of a motor vehicle that is terminated in connection with the installment sale transaction.  (2) If subsection (1) applies in an installment sale transaction, then the other necessary or incidental costs included in the installment sale contract under section 13(2)(e) shall include the amount the seller agreed to finance under subsection (1). History: Add. 2005, Act 319, Imd. Eff. Dec. 27, 2005 Compiler's Notes: Enacting section 1 of Act 319 of 2005 provides:"Enacting section 1. It is the intent of the legislature that this section be construed as declaring the law as it exists before this section is enacted and not as modifying it."
MI Comp L § 492.114 (2021)
2021 Michigan Compiled Laws|Chapter 492 - Installment Sales of Motor Vehicles|Act 27 of 1950 (Ex. Sess.) - Motor Vehicle Sales Finance Act (492.101 - 492.141)|Section 492.114 - Installment Sale Contract; Condition of Signing; Acceleration Clause; Right of Repossession; Prohibited Provisions.

492.114 Installment sale contract; condition of signing; acceleration clause; right of repossession; prohibited provisions. Sec. 14.  (a) An installment sale contract shall not be signed by a party to the contract unless it contains all of the information and statements required by this act.  (b) An installment sale contract shall not contain an acceleration clause under which any part or all of the time balance represented by payments, not yet matured, may be declared immediately payable because the seller or holder deems itself to be insecure.  (c) An installment sale contract shall not contain a provision authorizing a person acting on behalf of the seller or holder to enter upon premises of the buyer unlawfully or to commit a breach of the peace in the repossession of the motor vehicle or collateral security. A right of repossession of a motor vehicle provided in an installment sale contract shall be exercised only in the manner provided in part 6 of article 9 of the uniform commercial code, 1962 PA 174, MCL 440.9601 to 440.9628, concerning taking possession of and disposing of collateral.  (d) An installment sale contract shall not contain a provision by which the buyer waives a right of action against the seller, holder, or other person acting on behalf of the holder for an illegal act committed in the collection of the payments under the contract or in the repossession of the motor vehicle or collateral security.  (e) An installment sale contract shall not contain a provision by which the buyer executes a power of attorney appointing the seller, the holder, or the agent of the licensee as the buyer's agent in collection of the payments under the contract or in repossession of the motor vehicle sold or collateral security.  (f) An installment sale contract shall not contain a provision relieving the holder, or other assignee, from liability for legal remedies which the buyer has against the seller under the contract or under a separate instrument executed in connection with the contract. History: 1950, Ex. Sess., Act 27, Eff. Mar. 31, 1951 ;-- Am. 1978, Act 149, Eff. Jan. 1, 1979 ;-- Am. 2000, Act 361, Eff. July 1, 2001
MI Comp L § 492.114a (2021)
2021 Michigan Compiled Laws|Chapter 492 - Installment Sales of Motor Vehicles|Act 27 of 1950 (Ex. Sess.) - Motor Vehicle Sales Finance Act (492.101 - 492.141)|Section 492.114a - Evidence of Obligation; Holder Subject to Claims and Defenses of Buyer; Limitation on Buyer's Recovery; Mandatory Provision in Installment Sale Contract; Sales to Which Section Applicable; Action to Collect Debt; Designation of Disinterested Third Party to Receive Payments; Amount and Distribution of Payments.

492.114a Evidence of obligation; holder subject to claims and defenses of buyer; limitation on buyer's recovery; mandatory provision in installment sale contract; sales to which section applicable; action to collect debt; designation of disinterested third party to receive payments; amount and distribution of payments.Sec. 14a.  (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 retail sale of a motor vehicle.  (b) A holder of an installment sale contract is subject to all the claims and defenses of the buyer arising out of the installment transaction, but the buyer's recovery shall not exceed the amount paid to the holder thereunder.  (c) An installment sale contract entered into under this act shall contain the following provision in at least 10-point boldface type:   Notice   Any holder of this consumer credit contract is subject to all claims and defenses which the debtor could assert against the seller of goods or services obtained pursuant hereto or with the proceeds hereof. Recovery hereunder by the debtor shall not exceed amounts paid by the debtor hereunder.  (d) This section applies only to sales made pursuant to an installment sale contract.  (e) In an action by the holder to collect a debt from the buyer, the court, after notice to the buyer and a hearing, may designate a disinterested third party to receive payments from the buyer. If the court finds that the buyer will not be unreasonably burdened nor deprived of adequate transportation by making the payments, an amount up to but not greater than the amount of each time balance payment due shall be paid to the disinterested third party as it becomes due during the period of litigation. At the conclusion of the litigation these payments shall be distributed pursuant to the judgment of the court. History: Add. 1978, Act 149, Eff. Jan. 1, 1979 ;-- Am. 1980, Act 77, Imd. Eff. Apr. 3, 1980
MI Comp L § 492.115 (2021)
2021 Michigan Compiled Laws|Chapter 492 - Installment Sales of Motor Vehicles|Act 27 of 1950 (Ex. Sess.) - Motor Vehicle Sales Finance Act (492.101 - 492.141)|Section 492.115 - Installment Sale Contract; Sale, Transfer, Assignment; Notice to Buyer; Exception; Assignment Contracts.

492.115 Installment sale contract; sale, transfer, assignment; notice to buyer; exception; assignment contracts. Sec. 15.  (a) Whenever an installment sale contract is lawfully sold, transferred or assigned to a person who is licensed as a sales finance company, pursuant to the provisions of this act, such new holder shall furnish to the buyer in such contract a written notice of such sale, transfer or assignment, excepting when assignment is made only to secure a bona fide commercial loan or pursuant to a bulk sale of installment sale contracts. Such notices shall set forth the name and address of the new holder and shall notify the buyer of the name and address of the person authorized to receive future payments on such contract. If such notice has not been given, any payment or tender of payment made to and any service of notice on the last known holder by the buyer shall be binding upon any subsequent holder. No installment sales contract shall be sold to any person doing business in this state who is not licensed under the provisions of this act.  (b) The provisions of this section shall not apply to an assignment of an aggregation of installment sale contracts, which is executed by a seller or sales finance company in connection with a bulk sale or as collateral security for a bona fide commercial loan, obtained at lawful rates of interest from a person regularly engaged in the business of lending money on the security of such assigned collateral, and under which, in the absence of default or other bona fide breach of the loan contract, ownership of the assigned contracts remains vested in the assignor and collection of payments on such assigned contracts is made by the assignor: And provided, That such assignment and loan contracts are not for the purpose of evading or circumventing the provisions of this act. History: 1950, Ex. Sess., Act 27, Eff. Mar. 31, 1951
MI Comp L § 492.116a (2021)
2021 Michigan Compiled Laws|Chapter 492 - Installment Sales of Motor Vehicles|Act 27 of 1950 (Ex. Sess.) - Motor Vehicle Sales Finance Act (492.101 - 492.141)|Section 492.116a - Unexpired Insurance Premiums; Crediting.

492.116a Unexpired insurance premiums; crediting. Sec. 16a.  If unexpired insurance premiums received by the seller or holder resulting from the cancellation of insurance which was originally placed by the buyer's expense cannot be used in procuring comparable insurance as in section 16, subsection (g), such unexpired insurance premiums shall be credited to the last maturing installments under the contract. History: Add. 1954, Act 132, Imd. Eff. Apr. 23, 1954
MI Comp L § 492.117 (2021)
2021 Michigan Compiled Laws|Chapter 492 - Installment Sales of Motor Vehicles|Act 27 of 1950 (Ex. Sess.) - Motor Vehicle Sales Finance Act (492.101 - 492.141)|Section 492.117 - Installment Sale Contract; Costs; Fees.

492.117 Installment sale contract; costs; fees.Sec. 17.  (a) In addition to the cost of insurance premiums and travel emergency benefits authorized in the preceding section of this act, the seller of a motor vehicle under an installment sale contract may require the buyer to pay certain other costs incurred in the sale of a motor vehicle under such contract as follows:  1. Fees, payable to the state of Michigan, for filing a lien or encumbrances on the certificate of title to a motor vehicle sold under an installment sale contract or collateral security thereto.  2. Fees, payable to a public official, for filing or recording and satisfying or releasing the installment sale contract or instruments securing the buyer's obligation.  3. Fees for notarization required in connection with the filing and recording or satisfying and releasing a mortgage, judgment lien or encumbrance.  (b) The seller of a motor vehicle under an installment sale contract may also contract with the buyer to pay, on behalf of the buyer, such other costs incidental to the sale of a motor vehicle and contracted for voluntarily by the buyer as follows:  1. Fees in amounts established by and paid to the state of Michigan for titling and registration of the motor vehicle and issuance or transfer of registration plates.  2. If the buyer of a motor vehicle elects to title or register the motor vehicle electronically, fees payable to any third party authorized by the secretary of state and to the seller for electronic titling and registration of the motor vehicle.  (c) The foregoing costs may be charged, contracted for, collected or received by the seller from the buyer independently of the installment sale contract, or the seller may extend credit to the buyer for the amount of such costs and include such amount in the principal amount financed under the installment sale contract.  (d) Such other costs paid or payable by the buyer shall not exceed the amount which the seller expends or intends to expend therefor. Any such costs which the seller has collected from the buyer, or which have been included in the buyer's obligation under the installment sale contract which are not disbursed by the seller, as contemplated, shall be immediately refunded or credited to the buyer. History: 1950, Ex. Sess., Act 27, Eff. Mar. 31, 1951 ;-- Am. 2006, Act 302, Imd. Eff. July 20, 2006
MI Comp L § 492.118 (2021)
2021 Michigan Compiled Laws|Chapter 492 - Installment Sales of Motor Vehicles|Act 27 of 1950 (Ex. Sess.) - Motor Vehicle Sales Finance Act (492.101 - 492.141)|Section 492.118 - Finance Charge on Installment Sale Contract; Maximum Rate; Computation.

492.118 Finance charge on installment sale contract; maximum rate; computation. Sec. 18.  (1) A seller licensed under this act may charge the buyer a finance charge on any installment sale contract covering the retail sale of a motor vehicle in this state. The finance charge shall not exceed the rate permitted by the credit reform act, 1995 PA 162, MCL 445.1851 to 445.1864.  (2) The seller shall compute the finance charge on the principal amount financed as determined under section 13(2)(f).  (3) The seller shall compute the finance charge at the annual rates permitted by subsection (1) on installment sale contracts that are payable by installment payments, extending for a period of 1 year. On installment sale contracts providing for installment payments extending for a period that is less than or greater than 1 year, the seller shall compute the finance charge proportionately. If an installment sale contract provides for payment other than in equal successive weekly, semimonthly, or monthly installments, the finance charge may be at a rate that will provide the same annual percentage rate as is permitted on monthly payment contracts considering the schedule of payments in the contract. The seller shall disclose the annual percentage rate of the installment sales contract in accordance with disclosure requirements of the truth in lending act, title I of the consumer credit protection act, Public Law 90-321, 15 U.S.C. 1601 to 1608, 1610 to 1613, 1615, 1631 to 1635, 1637 to 1648, and 1661 to 1667e, and the regulations promulgated under the truth in lending act.  (4) The seller may compute the finance charge on the basis of a full month for a fractional month period in excess of 10 days.  (5) A seller may charge a minimum finance charge of $15.00 on an installment sale contract in which the finance charge, when computed at the rates indicated, results in a total charge of less than $15.00. History: 1950, Ex. Sess., Act 27, Eff. Mar. 31, 1951 ;-- Am. 1974, Act 329, Eff. Apr. 1, 1975 ;-- Am. 1980, Act 79, Imd. Eff. Apr. 7, 1980 ;-- Am. 1981, Act 56, Imd. Eff. June 1, 1981 ;-- Am. 1981, Act 165, Imd. Eff. Dec. 2, 1981 ;-- Am. 1982, Act 320, Imd. Eff. Dec. 2, 1982 ;-- Am. 1983, Act 246, Imd. Eff. Dec. 1, 1983 ;-- Am. 1995, Act 166, Eff. Mar. 28, 1996 ;-- Am. 2002, Act 699, Imd. Eff. Dec. 30, 2002
MI Comp L § 492.119 (2021)
2021 Michigan Compiled Laws|Chapter 492 - Installment Sales of Motor Vehicles|Act 27 of 1950 (Ex. Sess.) - Motor Vehicle Sales Finance Act (492.101 - 492.141)|Section 492.119 - Installment Sale Contract; Extension; Refinance Charges; Maximum Rate; Cash Loans.

492.119 Installment sale contract; extension; refinance charges; maximum rate; cash loans. Sec. 19.  (a) The holder of an installment sale contract may extend the scheduled due date, defer a payment or payments, or renew the unpaid time balance of the contract.  (b) The holder may contract for, receive, and collect a refinance charge for the extension, deferment, or renewal. The refinance charge shall not exceed the amount ascertained under the rates allowed by section 18(a).  (c) If 1 or more installment payments are extended or deferred, computing the refinance charge on the amount of the installment payment or payments or part of a payment that is refinanced, for the period of time for which each payment or part of a payment is extended or deferred, shall not exceed rates provided for in section 18(a).  The refinance charges may be computed on the basis of a full month for any fractional month period in excess of 10 days.  (d) If the unpaid balance of the contract is refinanced or renewed, a refinance charge may be assessed on the amount obtained by adding to the unpaid time balance of the contract the insurance cost and other costs incidental to refinancing and the unpaid default charges that may be accrued, and by deducting any rebate that may be due to the buyer for prepayment incidental to refinancing, at the rate of the finance charge provided for in section 18(a), but otherwise subject to the provisions of this act governing computation of the original finance charge. The provisions of this act governing minimum finance charges and minimum prepayment rebate do not apply in calculating refinance charges on the contract renewed under this method of computation.  (e) The holder of an installment sale contract shall not include in any contract for refinancing the contract any cash loan to the buyer, nor any credit extended to the buyer incidental to the purchase of goods or services. A loan under this section does not include, nor does this act prohibit, a rearrangement of payments under the installment sale contract by a refinance transaction involving a restoration of certain installment payments made under the contract, but the refinance charge on the amount restored may not be more than that specified in section 18(a). The holder of the contract may embody in the refinance contract the cost of accessories, equipment, and parts for the motor vehicle sold under the contract, and the cost of repairs and services to the motor vehicle including finance charges on the contract. History: 1950, Ex. Sess., Act 27, Eff. Mar. 31, 1951 ;-- Am. 1957, Act 216, Eff. Sept. 27, 1957 ;-- Am. 1995, Act 166, Eff. Mar. 28, 1996
MI Comp L § 492.120 (2021)
2021 Michigan Compiled Laws|Chapter 492 - Installment Sales of Motor Vehicles|Act 27 of 1950 (Ex. Sess.) - Motor Vehicle Sales Finance Act (492.101 - 492.141)|Section 492.120 - Installment Sale Contract; Default Charge; Maximum Rate; Computation; Collection.

492.120 Installment sale contract; default charge; maximum rate; computation; collection. Sec. 20.  A default charge may be collected on each installment payment of an installment sale contract, including a contract subject to section 41, that is not paid on or before the due date of the payment. The default charge shall not exceed the rate permitted in the credit reform act on the amount of each payment in arrears. The default charge may be computed on the basis of a full calendar month for any fractional month period in excess of 10 days. Each default charges may be collected, when earned, during the term of the contract, or may be accumulated and collected at final maturity or at the time of final payment under the contract. The default charge shall not be collected on any payment in default because of an acceleration provision in the contract. History: 1950, Ex. Sess., Act 27, Eff. Mar. 31, 1951 ;-- Am. 1993, Act 107, Imd. Eff. July 16, 1993 ;-- Am. 1995, Act 166, Eff. Mar. 28, 1996 Compiler's Notes: At the beginning of the fourth sentence, “Each default charges may...” evidently should read “Each default charge may... .”
MI Comp L § 492.121 (2021)
2021 Michigan Compiled Laws|Chapter 492 - Installment Sales of Motor Vehicles|Act 27 of 1950 (Ex. Sess.) - Motor Vehicle Sales Finance Act (492.101 - 492.141)|Section 492.121 - Installment Sale Contract; Prepayment of Unpaid Time Balance; Rebate of Unearned Finance Charge.

492.121 Installment sale contract; prepayment of unpaid time balance; rebate of unearned finance charge. Sec. 21.  (1) The buyer, notwithstanding the provisions of any installment sale contract, may prepay at any time all or a part of the unpaid time balance under an installment sale contract.  (2) Except as provided in section 41, when all of the time balance is liquidated before maturity by prepayment, refinancing, or termination by surrender or repossession and resale of the motor vehicle, the holder of the installment sale contract shall rebate to the buyer immediately the unearned portion of the finance charge. Rebate may be made in cash or credited to the amount due on the obligation of the buyer.  (3) The unearned portion of the finance charge to be rebated to the buyer shall be rebated by the actuarial method. The holder is not required to rebate a portion of the unearned finance charge that results in a net minimum finance charge on the contract less than $15.00. The holder is not required to rebate an unearned finance charge when the amount due, computed as set forth in this section, is less than $1.00. History: 1950, Ex. Sess., Act 27, Eff. Mar. 31, 1951 ;-- Am. 1957, Act 216, Eff. Sept. 27, 1957 ;-- Am. 1978, Act 98, Imd. Eff. Apr. 5, 1978 ;-- Am. 1995, Act 166, Eff. Mar. 28, 1996
MI Comp L § 492.122 (2021)
2021 Michigan Compiled Laws|Chapter 492 - Installment Sales of Motor Vehicles|Act 27 of 1950 (Ex. Sess.) - Motor Vehicle Sales Finance Act (492.101 - 492.141)|Section 492.122 - Installment Sale Contract; Payments.

492.122 Installment sale contract; payments. Sec. 22.  An installment sale contract may provide for a series of weekly, semi-monthly or monthly payments in substantially equal periods and amounts, followed by a single larger payment of the unpaid time balance, in which event the installment buyer shall have the right to an option, at the time such larger payment shall become due, to make such payment or to enter into a second contract, which contract shall conform to all the provisions of this act except that the refinance charge provided for in such second contract shall not exceed the finance charge rate provided for in the first contract. History: 1950, Ex. Sess., Act 27, Eff. Mar. 31, 1951