RETAIL INSTALLMENT SALES ACT
Act 224 of 1966
AN ACT to regulate retail installment sales transactions, agreements, charges and disclosures; and to provide for the enforcement thereof and penalties for violations.
History: 1966, Act 224, Eff. Mar. 10, 1967
© 2009 Legislative Council, State of Michigan
The People of the State of Michigan enact:
| Section 445.851 | Section | Retail installment sales act; short title. |
| Section 445.851a | Section | Truth in lending act; effect of compliance. |
| Section 445.852 | Section | Definitions. |
| Section 445.853 | Section | Retail installment contracts; requirements; retail buyer, representative; notice to buyer; size; contents; delivery of copy; nondelivery; provisions; terms. |
| Section 445.854 | Section | Retail installment contracts; single document not required; sales slip, account book, other written statements. |
| Section 445.855 | Section | Transactions negotiated and entered into by mail or telephone; applicable provisions of act; memorandum. |
| Section 445.856 | Section | Retail installment contracts; blank space; filling. |
| Section 445.857 | Section | Time price differential; limitation; computation; minimum time price differential. |
| Section 445.858 | Section | Prepayment of unpaid balance; amount of refund credit. |
| Section 445.859 | Section | Installment contract or retail charge agreement; delinquency and collection charge. |
| Section 445.860 | Section | Retail installment contracts; statement of dates, payments and unpaid balances; receipt. |
| Section 445.861 | Section | Retail installment transactions; subsequent purchases; previous contracts; inclusion and consolidation; new schedule of installment payments. |
| Section 445.862 | Section | 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. |
| Section 445.862a | Section | Submission of invoice evidencing credit card sale. |
| Section 445.863 | Section | Retail installment contracts or charge agreements; insurance included in cost; requirements; minimum charges; refunds. |
| Section 445.864 | Section | 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). |
| Section 445.865 | Section | 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. |
| Section 445.865a | Section | Contracts, agreements, or other transactions considered made in state; offer or agreement to sell in state; acceptance or offer to buy in state. |
| Section 445.866 | Section | Waiver of act as to buyers' protection prohibited. |
| Section 445.867 | Section | Violation of act; misdemeanor. |
| Section 445.868 | Section | Violation of act; effect as to recovery rights of seller. |
| Section 445.869 | Section | Violation of act; actions; penalties. |
| Section 445.870 | Section | Violation of act; assurance of discontinuance; acceptance by attorney general, approval of circuit court. |
| Section 445.871 | Section | Violation of order of circuit court; civil penalty. |
| Section 445.871a | Section | Compliance with federal truth-in-lending act; violation as unintentional and bona fide error; burden of proof. |
| Section 445.872 | Section | Effect of act as to prior contracts. |
| Section 445.873 | Section | Time price differential consisting of interest on amount of unpaid principal balance of contract; modifications. |