27 of 1950 (Ex. Sess.) - Motor Vehicle Sales Finance Act (492.101 - 492.141)

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  2. Michigan Compiled Laws
  3. Installment Sales of Motor Vehicles
  4. 27 of 1950 (Ex. Sess.) - Motor Vehicle Sales Finance Act (492.101 - 492.141)

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Section
492.101

Motor Vehicle Sales Finance Act; Short Title.

Section
492.102

Definitions.

Section
492.103

Installment Seller of Motor Vehicles; Sales Finance Company; License Required.

Section
492.104

License; Application; Form; Contents; Appointment of Statutory Agent; Service of Process; Separate Application for Each Place of Business; Renewal.

Section
492.105

Bond to Accompany First License Application; Bond Applicable to Principal Place of Business; Form; Penal Sum; Execution; Condition; Action on Bond; Filing New Bond or Renewal Certificate.

Section
492.106

License; Application; Fee; Abatement in Amount of License Fee; Expiration of License; Examination Fee; Hourly Rate and per Contract Rate; Invoice; Payment; Disposition and Use of Fees and Expenses.

Section
492.106a

Receipt of Completed Application for New or Renewal License; Issuance of License Within Certain Time Period; Report.

Section
492.107

License Certificate; Issuance; Posting; License Nontransferable and Nonassignable; Change in Business Location; Notice; Amendment of License Certificate; Fee; Operating More Than 1 Place of Business.

Section
492.108

License; Application, Rejection, Grounds, Notice; Retention of Fee.

Section
492.109

License; Revocation or Suspension; Grounds; Appeal.

Section
492.110

Investigation and Examination of Records; Access to Place of Business; Required Witness Attendance; Subpoena; Forms, Rules and Regulations.

Section
492.111

Books, Accounts and Records; Maintenance.

Section
492.112

Installment Sale Contract; Contents; Signatures; Buyer's Copy; Notice; Form; Delivery Acknowledgment; Payments; Applicability.

Section
492.113

Installment Sale Contract; Contents; Collateral Security; Notice of Legal Rights; Liability.

Section
492.113a

Installment Sale Transaction; Certain Payments by Seller on Behalf of Buyer.

Section
492.114

Installment Sale Contract; Condition of Signing; Acceleration Clause; Right of Repossession; Prohibited Provisions.

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.

Section
492.115

Installment Sale Contract; Sale, Transfer, Assignment; Notice to Buyer; Exception; Assignment Contracts.

Section
492.116

Installment Sale Contract; Insurance of Vehicle, Limitation, Coercion Prohibited; Premium Cost, Buyer's Certificate, Terms of Contract, Cancellation.

Section
492.116a

Unexpired Insurance Premiums; Crediting.

Section
492.117

Installment Sale Contract; Costs; Fees.

Section
492.118

Finance Charge on Installment Sale Contract; Maximum Rate; Computation.

Section
492.119

Installment Sale Contract; Extension; Refinance Charges; Maximum Rate; Cash Loans.

Section
492.120

Installment Sale Contract; Default Charge; Maximum Rate; Computation; Collection.

Section
492.121

Installment Sale Contract; Prepayment of Unpaid Time Balance; Rebate of Unearned Finance Charge.

Section
492.122

Installment Sale Contract; Payments.

Section
492.122a

Truth in Lending Act; Effect of Compliance.

Section
492.123-492.127

Repealed. 1962, Act 174, Eff. Jan. 1, 1964.

Section
492.128

Installment Sale Contract; Buyer Furnished Statement of Account, Contents; Fee for Additional Statement.

Section
492.129

Installment Sale Contract; Receipt, Contents; Payment by Mail.

Section
492.130

Installment Sale Contract; Payment in Full, Release, Discharge, Instruments Delivered to Buyer.

Section
492.131

Installment Sale Contract; Limitation on Charges; Charges Prohibited; Equity Transfer.

Section
492.132

Installment Sale Contract; Waiver.

Section
492.133

Installment Sale Contract; Prior Contracts.

Section
492.134

Installment Sale Contract; Expiration, Surrender or Revocation of License.

Section
492.135

Installment Sale Contract; Sales Outside State.

Section
492.136

Businesses Not Affected or Impaired by Acts.

Section
492.137

Violation of Act; Penalty.

Section
492.138

Repealed. 1988, Act 242, Eff. Aug. 1, 1988.

Section
492.139

492.140 - Repealed. 1964, Act 256, Eff. Aug. 28, 1964.

Section
492.141

Optional Method of Computing Finance Charge.