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 492.101 - Motor Vehicle Sales Finance Act; Short Title. - Sec. 1. This act shall be known and may be...

Section 492.102 - Definitions. - Sec. 2. As used in this act: (a) "Administrator" means...

Section 492.103 - Installment Seller of Motor Vehicles; Sales Finance Company; License Required. - Sec. 3. Except for a person licensed under the consumer...

Section 492.104 - License; Application; Form; Contents; Appointment of Statutory Agent; Service of Process; Separate Application for Each Place of Business; Renewal. - Sec. 4. (1) A person shall file an application for...

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. - Sec. 5. (a) Except as provided in subdivision (b), a...

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. - Sec. 6. (a) An application for license shall be accompanied...

Section 492.106a - Receipt of Completed Application for New or Renewal License; Issuance of License Within Certain Time Period; Report. - Sec. 6a. (1) Subject to subsection (3), beginning on the...

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. - Sec. 7. (a) Upon approving a license application, the administrator...

Section 492.108 - License; Application, Rejection, Grounds, Notice; Retention of Fee. - Sec. 8. (a) The administrator may reject any application for...

Section 492.109 - License; Revocation or Suspension; Grounds; Appeal. - Sec. 9. (a) The administrator, upon 30 days written notice...

Section 492.110 - Investigation and Examination of Records; Access to Place of Business; Required Witness Attendance; Subpoena; Forms, Rules and Regulations. - Sec. 10. (a) The administrator is authorized and empowered to...

Section 492.111 - Books, Accounts and Records; Maintenance. - Sec. 11. (a) Every licensee shall maintain, at the place...

Section 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...

Section 492.113 - Installment Sale Contract; Contents; Collateral Security; Notice of Legal Rights; Liability. - Sec. 13. (1) An installment sale contract shall include the...

Section 492.113a - Installment Sale Transaction; Certain Payments by Seller on Behalf of Buyer. - Sec. 13a. (1) A seller in an installment sale transaction...

Section 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...

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 Dis... - Sec. 14a. (a) A person shall not take a negotiable...

Section 492.115 - Installment Sale Contract; Sale, Transfer, Assignment; Notice to Buyer; Exception; Assignment Contracts. - Sec. 15. (a) Whenever an installment sale contract is lawfully...

Section 492.116 - Installment Sale Contract; Insurance of Vehicle, Limitation, Coercion Prohibited; Premium Cost, Buyer's Certificate, Terms of Contract, Cancellation. - Sec. 16. (a) The buyer of a motor vehicle under...

Section 492.116a - Unexpired Insurance Premiums; Crediting. - Sec. 16a. If unexpired insurance premiums received by the seller...

Section 492.117 - Installment Sale Contract; Costs; Fees. - Sec. 17. (a) In addition to the cost of insurance...

Section 492.118 - Finance Charge on Installment Sale Contract; Maximum Rate; Computation. - Sec. 18. (1) A seller licensed under this act may...

Section 492.119 - Installment Sale Contract; Extension; Refinance Charges; Maximum Rate; Cash Loans. - Sec. 19. (a) The holder of an installment sale contract...

Section 492.120 - Installment Sale Contract; Default Charge; Maximum Rate; Computation; Collection. - Sec. 20. A default charge may be collected on each...

Section 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...

Section 492.122 - Installment Sale Contract; Payments. - Sec. 22. An installment sale contract may provide for a...

Section 492.122a - Truth in Lending Act; Effect of Compliance. - Sec. 22a. Compliance with the requirements of the truth in...

Section 492.123-492.127 - Repealed. 1962, Act 174, Eff. Jan. 1, 1964. - Compiler's Notes: The repealed sections pertained to the regulation of...

Section 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...

Section 492.129 - Installment Sale Contract; Receipt, Contents; Payment by Mail. - Sec. 29. (a) Whenever payment is made on account of...

Section 492.130 - Installment Sale Contract; Payment in Full, Release, Discharge, Instruments Delivered to Buyer. - Sec. 30. (a) Upon payment in full of the time...

Section 492.131 - Installment Sale Contract; Limitation on Charges; Charges Prohibited; Equity Transfer. - Sec. 31. (a) A licensee under this act shall not...

Section 492.132 - Installment Sale Contract; Waiver. - Sec. 32. No act, agreement or statement of any buyer...

Section 492.133 - Installment Sale Contract; Prior Contracts. - Sec. 33. The provisions of this act shall not apply...

Section 492.134 - Installment Sale Contract; Expiration, Surrender or Revocation of License. - Sec. 34. (a) The expiration, surrender or revocation of a...

Section 492.135 - Installment Sale Contract; Sales Outside State. - Sec. 35. Nothing in this act shall be construed to...

Section 492.136 - Businesses Not Affected or Impaired by Acts. - Sec. 36. This act shall not affect or impair a...

Section 492.137 - Violation of Act; Penalty. - Sec. 37. (a) Any person, partner, association, business corporation, banking...

Section 492.138 - Repealed. 1988, Act 242, Eff. Aug. 1, 1988. - Compiler's Notes: The repealed section pertained to enforcement of act.

Section 492.139, 492.140 - Repealed. 1964, Act 256, Eff. Aug. 28, 1964. - Compiler's Notes: The repealed sections transferred administration of repealed MCL...

Section 492.141 - Optional Method of Computing Finance Charge. - Sec. 41. Instead of a finance charge computed on the...