reglab/housing_qa huggingface dataset:
MI Comp L § 492.122a (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 492.122a - Truth in Lending Act; Effect of Compliance.

492.122a Truth in lending act; effect of compliance. Sec. 22a.  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, 1615, 1631 to 1635, 1637 to 1638, 1640 to 1647, and 1661 to 1667e is compliance with the disclosure provisions of section 13 and of section 2 of Act No. 305 of the Public Acts of 1939, being section 566.302 of the Michigan Compiled Laws. History: Add. 1969, Act 35, Imd. Eff. July 10, 1969 ;-- Am. 1993, Act 107, Imd. Eff. July 16, 1993
MI Comp L § 492.123-492.127 (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 - Motor Vehicle Sales Finance Act (492.101 - 492.141)|Section 492.123-492.127 - Repealed. 1962, Act 174, Eff. Jan. 1, 1964.

492.123-492.127 Repealed. 1962, Act 174, Eff. Jan. 1, 1964. Compiler's Notes: The repealed sections pertained to the regulation of repossessions, redemptions, resales and deficiency judgments, and the rights, of parties with respect thereto.
MI Comp L § 492.128 (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 492.128 - Installment Sale Contract; Buyer Furnished Statement of Account, Contents; Fee for Additional Statement.

492.128 Installment sale contract; buyer furnished statement of account, contents; fee for additional statement. Sec. 28.  (a) At any time after execution of an installment sale contract and within 1 year after termination of such contract, the holder of such contract shall furnish the buyer, upon request, with a complete and detailed statement of account showing:  1. All amounts paid by the buyer on account of the obligation, dates of payment and the allocation of such payments to reduction of the time balance, refinance charges, default charges, court costs, attorney's fees, expenses of retaking, repairing, storing, or otherwise.  2. All amounts credited to the buyer as rebates for prepayment and unexpired premiums on insurance cancelled.  3. The amount of the installment payments, accrued charges and expenses incurred, if any, which are due and payable.  4. The number and amount of installment payments to become due and payable, if any, and the due dates thereof.  (b) The buyer shall be furnished with 1 such statement of account without charge during the term of the contract or within 1 year after termination, and the holder may require payment of a fee of 50 cents for any additional statements.  (c) The holder shall furnish the buyer, upon request and upon payment of a fee of 50 cents, with a duplicate copy of the installment sale contract to replace the buyer's copy of such contract which is required to be furnished to the buyer without charge at the time of execution of the contract. History: 1950, Ex. Sess., Act 27, Eff. Mar. 31, 1951
MI Comp L § 492.129 (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 492.129 - Installment Sale Contract; Receipt, Contents; Payment by Mail.

492.129 Installment sale contract; receipt, contents; payment by mail. Sec. 29.  (a) Whenever payment is made on account of any installment sale contract, the person receiving such payment shall, at the time of receiving such payment, furnish to the buyer or to the person making the payment on behalf of the buyer, a complete written receipt therefor, if requested. A receipt must be given if payment is made in cash.  (b) Such receipt shall show the date of payment, the amount of the payment, and shall identify the obligation to which such payment is applicable.  (c) When issued for payments made at any office of the holder or mailed to such office, which payments are applied to reduction of the time balance, such receipt shall, if requested by the buyer, also set forth the unpaid time balance remaining due after crediting such payment. If such payment includes default charges authorized by this act, the amount of such default charges shall be set forth on the receipt independently of the payment applied to reduction of the time balance.  (d) When the buyer elects to make such payments by mail, the holder may require the buyer to supply a self-addressed stamped envelope as a condition for mailing such receipt to him, if he has been previously notified of such condition. History: 1950, Ex. Sess., Act 27, Eff. Mar. 31, 1951
MI Comp L § 492.130 (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 492.130 - Installment Sale Contract; Payment in Full, Release, Discharge, Instruments Delivered to Buyer.

492.130 Installment sale contract; payment in full, release, discharge, instruments delivered to buyer. Sec. 30.  (a) Upon payment in full of the time balance and other amounts lawfully due under an installment sale contract, the holder shall, unless the buyer is otherwise indebted to the holder and has secured such debt by lien upon the motor vehicle:  1. Return to the buyer the original of all instruments evidencing indebtedness or constituting security under an installment sale contract, which were signed by the buyer or his sureties or guarantors in conjunction with such contract, excepting such instruments as are filed or recorded with a public official and retained in the files of such official, and  2. Release all security interest in the motor vehicle or in collateral security to the obligation of the buyer under such contract, and  3. Deliver to the buyer all documents of title obtained from him.  (b) When the final payment on an installment sale contract is made in cash, money order or equivalent tender, by the buyer or his authorized representative, at the office of the holder, a legal discharge of this encumbrance, shall be delivered at the time of such tender of payment, if demanded by the buyer; otherwise delivery may be made at a later date in person or by mail as may be arranged between buyer and holder. All other instruments referred to in this section shall be delivered or mailed to the buyer within 25 days of the date of final payment. History: 1950, Ex. Sess., Act 27, Eff. Mar. 31, 1951
MI Comp L § 492.131 (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 492.131 - Installment Sale Contract; Limitation on Charges; Charges Prohibited; Equity Transfer.

492.131 Installment sale contract; limitation on charges; charges prohibited; equity transfer. Sec. 31.  (a) A licensee under this act shall not charge, contract for, collect, or receive from the buyer, directly or indirectly, any further or other amount for costs, charges, examination, appraisal, service, brokerage, commission, expense, interest, discount, fees, fines, penalties, or other thing of value in connection with the retail sale of a motor vehicle under an installment sale contract in excess of the cost of insurance premiums, other costs, the finance charges, refinance charges, default charges, recording and satisfaction fees, court costs, attorney's fees, and expenses of retaking, repairing, and storing a repossessed motor vehicle which are authorized by this act.  (b) A licensee under this act shall not collect any charge in connection with a contemplated sale of a motor vehicle under an installment sale contract if the contract is not consummated. This subsection does not affect the legal status of a deposit paid by a prospective buyer to a seller as a binder on the contemplated purchase of a motor vehicle.  (c) An insurance company, agent, or broker shall not pay or cause to be paid, directly or indirectly, to any installment seller, nor shall any installment seller receive from any insurance company, agent, or broker, any portion of an insurance premium involved in the retail installment sale of a motor vehicle other than for the benefit of the installment buyer, and all payments shall be held by the installment seller in trust for the benefit of the installment buyer and shall be paid to the installment buyer within 30 days, unless used in procuring comparable insurance or credited to matured unpaid installments under the contract as provided in section 16(f).  (d) Whenever in an installment sale contract under this act the seller or any subsequent holder has charged, contracted for, collected, or received from the buyer prohibited costs or charges in connection with the contract, all the costs and charges in connection with the contract, other than for insurance, shall be void and unenforceable and any amounts paid by the buyer for such costs and charges, other than insurance, shall be applied on the principal of the contract.  (e) If a motor vehicle is covered by an installment sale contract, the buyer shall not transfer equity in that vehicle to another person without the written consent of the holder of the sale contract. The holder of the sale contract may charge a transfer fee of $25.00. History: 1950, Ex. Sess., Act 27, Eff. Mar. 31, 1951 ;-- Am. 1951, Act 171, Imd. Eff. June 8, 1951 ;-- Am. 1955, Act 102, Imd. Eff. June 2, 1955 ;-- Am. 1995, Act 166, Eff. Mar. 28, 1996
MI Comp L § 492.132 (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 492.132 - Installment Sale Contract; Waiver.

492.132 Installment sale contract; waiver. Sec. 32.  No act, agreement or statement of any buyer in any installment sale contract shall constitute a valid waiver of any provision of this act intended by the legislature for the benefit or protection of retail installment buyers of motor vehicles. History: 1950, Ex. Sess., Act 27, Eff. Mar. 31, 1951
MI Comp L § 492.133 (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 492.133 - Installment Sale Contract; Prior Contracts.

492.133 Installment sale contract; prior contracts. Sec. 33.  The provisions of this act shall not apply to or affect the validity of any contract otherwise within the purview of this act which is made prior to the effective date of the respective provisions of this act governing such contracts. History: 1950, Ex. Sess., Act 27, Eff. Mar. 31, 1951
MI Comp L § 492.134 (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 492.134 - Installment Sale Contract; Expiration, Surrender or Revocation of License.

492.134 Installment sale contract; expiration, surrender or revocation of license. Sec. 34.  (a) The expiration, surrender or revocation of a license, issued pursuant to this act, shall not impair or affect the obligation of any motor vehicle installment sale contract entered into lawfully or lawfully acquired by a holder: Provided, however, That the holder of such contracts shall forfeit the right to charge, contract for, receive or collect refinance charges authorized by this act for renewal of a contract, if the license of such holder expired, was surrendered, or was revoked prior to the date of such renewal.  (b) A licensee whose license has expired, was surrendered or was revoked may thereafter sell, transfer or assign contracts entered into or acquired prior thereto to any licensed sales finance company or banking institution, and such sales finance company or banking institution acquiring such contracts may renew such contracts in accordance with the provisions of this act.  (c) A licensee whose license has expired, was surrendered or was revoked shall not thereafter enter into new contracts for the retail sale f motor vehicles under installment sale contracts, and shall not thereafter discount, purchase or otherwise acquire such contracts. History: 1950, Ex. Sess., Act 27, Eff. Mar. 31, 1951
MI Comp L § 492.135 (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 492.135 - Installment Sale Contract; Sales Outside State.

492.135 Installment sale contract; sales outside state. Sec. 35.  Nothing in this act shall be construed to prevent the enforcement in the state of Michigan of an obligation arising from the sale of a motor vehicle made outside of the state of Michigan under an installment sale contract valid in such other state, entered into or executed by the buyer outside of the state of Michigan, whether or not such buyer was a resident of this state or the seller a licensee at the time they entered into such contract. History: 1950, Ex. Sess., Act 27, Eff. Mar. 31, 1951
MI Comp L § 492.136 (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 492.136 - Businesses Not Affected or Impaired by Acts.

492.136 Businesses not affected or impaired by acts.Sec. 36.  This act shall not affect or impair a business conducted lawfully under the regulatory loan act, 1939 PA 21, MCL 493.1 to 493.24, the banking code of 1999, 1999 PA 276, MCL 487.11101 to 487.15105, or the credit union act, 2003 PA 215, MCL 490.101 to 490.601. History: 1950, Ex. Sess., Act 27, Eff. Mar. 31, 1951 ;-- Am. 1970, Act 114, Imd. Eff. July 23, 1970 ;-- Am. 1977, Act 223, Imd. Eff. Nov. 23, 1977 ;-- Am. 2003, Act 221, Imd. Eff. Dec. 2, 2003 ;-- Am. 2012, Act 452, Eff. Dec. 31, 2012
MI Comp L § 492.137 (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 492.137 - Violation of Act; Penalty.

492.137 Violation of act; penalty. Sec. 37.  (a) Any person, partner, association, business corporation, banking institution, nonprofit corporation, common law trust, joint stock company or any other group of individuals, however organized, or any owner, partner, member, officer, director, trustee, employee, agent, broker or representative thereof who or which shall wilfully or intentionally engage in this state in business as installment seller or sales finance company as defined in this act without having obtained a license, as required under this act, shall be guilty of a misdemeanor, and upon conviction thereof shall be sentenced to pay a fine of not more than $5,000.00, or to suffer imprisonment of not more than 3 years, or both, at the discretion of the court.  (b) Any licensee conducting business under this act as an installment seller, sales finance company or any owner, partner, member, officer, director, trustee, employee, agent, broker or representative thereof who shall wilfully or intentionally violate any provision of this act, or shall direct or consent to such violation, shall be guilty of a misdemeanor, and upon conviction thereof shall be sentenced to pay a fine of not more than $500.00 for the first offense; and for each subsequent offense a like fine and/or suffer imprisonment not to exceed 1 year in the discretion of the court. History: 1950, Ex. Sess., Act 27, Eff. Mar. 31, 1951
MI Comp L § 492.138 (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 492.138 - Repealed. 1988, Act 242, Eff. Aug. 1, 1988.

492.138 Repealed. 1988, Act 242, Eff. Aug. 1, 1988. Compiler's Notes: The repealed section pertained to enforcement of act.
MI Comp L § 492.139, 492.140 (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 492.139, 492.140 - Repealed. 1964, Act 256, Eff. Aug. 28, 1964.

492.139, 492.140 Repealed. 1964, Act 256, Eff. Aug. 28, 1964. Compiler's Notes: The repealed sections transferred administration of repealed MCL 491.1 to 491.17 from state treasurer to state banking department and contained severability clause.
MI Comp L § 492.141 (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 492.141 - Optional Method of Computing Finance Charge.

492.141 Optional method of computing finance charge. Sec. 41.  Instead of a finance charge computed on the principal amount financed, the seller may charge from time to time a finance charge consisting of interest on the amount of the unpaid principal balance of the contract. In this event, the transaction is subject to this act as modified by the following provisions:  (a) The number and amount of installment payments required to be stated pursuant to section 13 may be estimated for purposes of this section assuming that each scheduled payment is made on the date it is due and in the scheduled amount.  (b) The holder of the contract has the option of deferring interest charges which accrue due to installment payments being received later than the periodic installment due date. The deferred interest charge shall be computed on the basis of additional interest charges accruing for late installment payments and appropriate interest reductions for installment payments made before the due date. On contracts providing for equal monthly installments, if the final installment is more than 105% of a previous installment as a result of the deferred interest charges, the installment buyer shall be given the option to pay the deferred interest charges not less than 25 days after the date the last installment payment is due.  (c) If the unpaid time balance is prepaid in full, together with all interest incurred to the date of prepayment, the balance of the original finance charge shall be canceled and the finance charge rebate provisions of section 21 do not apply. History: Add. 1978, Act 98, Imd. Eff. Apr. 5, 1978 ;-- Am. 1995, Act 166, Eff. Mar. 28, 1996
MI Comp L § 492.151 (2021)
2021 Michigan Compiled Laws|Chapter 492 - Installment Sales of Motor Vehicles|Act 217 of 1969 - Insurance on Financed Motor Vehicles (492.151 - 492.151)|Section 492.151 - Installment Sale Contract; Prepayment of Time Balance Prior to Insurance Coverage Expiration; Notice to Insurer; Payment of Unearned Insurance Premiums.

492.151 Installment sale contract; prepayment of time balance prior to insurance coverage expiration; notice to insurer; payment of unearned insurance premiums. Sec. 1.  When the seller or subsequent holder has placed, at the expense of the buyer, insurance on a motor vehicle sold under an installment sale contract and the buyer prepays the time balance under the contract prior to the expiration date of the insurance, the seller or subsequent holder shall give or forward to the insurer notice of such prepayment, and shall not thereafter be a party to said insurance contract, nor request its cancellation. After such prepayment, any unearned insurance premiums received by the seller or holder, resulting from cancellation of insurance which was originally placed at the buyer's expense, shall be promptly paid to the buyer. History: 1969, Act 217, Eff. Mar. 20, 1970
MI Comp L § 493.1a (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 21 of 1939 - Regulatory Loan Act (493.1 - 493.26)|Section 493.1a - Repealed. 2001, Act 270, Imd. Eff. Jan. 11, 2002.

493.1a Repealed. 2001, Act 270, Imd. Eff. Jan. 11, 2002. Compiler's Notes: The repealed section pertained to short title.
MI Comp L § 493.2 (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 21 of 1939 - Regulatory Loan Act (493.1 - 493.26)|Section 493.2 - Business of Making Loans; License Required; Application for License; Oath; Form and Contents; Fees; Proof of Net Worth.

493.2 Business of making loans; license required; application for license; oath; form and contents; fees; proof of net worth. Sec. 2.  (1) Except as otherwise provided under this act, a person shall not engage in the business of making loans of money, credit, goods, or things in action and charge, contract for, or receive on the loan a greater rate of interest, discount, or consideration than the lender would be permitted by law to charge if the lender were not a licensee under this act and without first obtaining a license from the commissioner, or by obtaining a license under the consumer financial services act, 1988 PA 161, MCL 487.2051 to 487.2072.  (2) Application for a license shall be in writing, under oath, and in the form prescribed by the commissioner, and contain the name and the address, both of the residence and place of business, of the applicant, if the applicant is a copartnership or association, of every member, and if a corporation, of each officer and director. The application shall also include the address where the business is to be conducted and all other relevant information as the commissioner may require. The applicant at the time of making the application shall pay to the commissioner an investigation and annual operating fee as provided by this act.   (3) An applicant shall prove, in form satisfactory to the commissioner, that the applicant has available net worth of at least $100,000.00 for the operation of the business at the location specified in the application. History: 1939, Act 21, Eff. Sept. 29, 1939 ;-- CL 1948, 493.2 ;-- Am. 1971, Act 168, Eff. Mar. 30, 1972 ;-- Am. 1991, Act 14, Eff. Oct. 1, 1991 ;-- Am. 1992, Act 71, Imd. Eff. June 2, 1992 ;-- Am. 2001, Act 270, Imd. Eff. Jan. 11, 2002 Compiler's Notes: For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
MI Comp L § 493.3 (2021)
2021 Michigan Compiled Laws|Chapter 493 - Regulatory Loans|Act 21 of 1939 - Regulatory Loan Act (493.1 - 493.26)|Section 493.3 - Licenses; Bond of Applicant; Approval; Conditions.

493.3 Licenses; bond of applicant; approval; conditions. Sec. 3.  The applicant, at the time of filing an application, shall also file when requested by the commissioner a bond in an amount to be approved by the commissioner, in which the applicant shall be the obligor. The surety company issuing the bond shall be qualified, able, and willing to write bonds required by this act. The bond shall run to the people of the state of Michigan and may be sued on by the state or any person who may have a cause of action against the obligor. The bond shall be conditioned that the obligor will comply with this act and all rules and regulations made under this act, and will pay to the state and to any person all money due or owing to the state or to the person from the obligor.  History: 1939, Act 21, Eff. Sept. 29, 1939 ;-- Am. 1947, Act 130, Eff. Oct. 11, 1947 ;-- CL 1948, 493.3 ;-- Am. 2001, Act 270, Imd. Eff. Jan. 11, 2002 Compiler's Notes: For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.