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Act 224 of 1966
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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:

DocumentTypeDescription
Section 445.851SectionRetail installment sales act; short title.
Section 445.851aSectionTruth in lending act; effect of compliance.
Section 445.852SectionDefinitions.
Section 445.853SectionRetail installment contract; requirements; size; notice to buyer; delivery of copy; nondelivery; provisions; contents of contract; transaction involving vehicle; terms; statement that seller retains security interest.
Section 445.854SectionRetail installment contracts; single document not required; sales slip, account book, other written statements.
Section 445.855SectionTransactions negotiated and entered into by mail or telephone; applicable provisions of act; memorandum.
Section 445.856SectionRetail installment contracts; blank space; filling.
Section 445.857SectionTime price differential; limitation; computation; minimum time price differential.
Section 445.858SectionPrepayment of unpaid balance; amount of refund credit.
Section 445.859SectionInstallment contract or retail charge agreement; delinquency and collection charge.
Section 445.860SectionRetail installment contracts; statement of dates, payments and unpaid balances; receipt.
Section 445.861SectionRetail installment transactions; subsequent purchases; previous contracts; inclusion and consolidation; new schedule of installment payments.
Section 445.862SectionRetail 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 445.862aSectionSubmission of invoice evidencing credit card sale.
Section 445.863SectionRetail installment contracts or charge agreements; insurance included in cost; requirements; minimum charges; refunds.
Section 445.864SectionRetail 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 445.865SectionPurchase 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 445.865aSectionContracts, agreements, or other transactions considered made in state; offer or agreement to sell in state; acceptance or offer to buy in state.
Section 445.866SectionWaiver of act as to buyers' protection prohibited.
Section 445.867SectionViolation of act; misdemeanor.
Section 445.868SectionViolation of act; effect as to recovery rights of seller.
Section 445.869SectionViolation of act; actions; penalties.
Section 445.870SectionViolation of act; assurance of discontinuance; acceptance by attorney general, approval of circuit court.
Section 445.871SectionViolation of order of circuit court; civil penalty.
Section 445.871aSectionCompliance with federal truth-in-lending act; violation as unintentional and bona fide error; burden of proof.
Section 445.872SectionEffect of act as to prior contracts.
Section 445.873SectionTime price differential consisting of interest on amount of unpaid principal balance of contract; modifications.