Sec. 401.
Unless the buyer has notice of the actual or intended assignment of a home improvement installment contract or home improvement charge agreement, payment under the contract or agreement by the buyer to the last known holder of the contract or agreement is binding upon all subsequent holders or assignees.
History: 1965, Act 332, Eff. Jan. 1, 1966 ;-- Am. 1985, Act 202, Imd. Eff. Dec. 27, 1985
Structure Michigan Compiled Laws
Chapter 445 - Trade and Commerce
Act 332 of 1965 - Home Improvement Finance Act (445.1101 - 445.1431)
332-1965-4 - Part 4 (445.1401...445.1431)
Section 445.1401 - Notice of Assignment of Contract or Agreement.
Section 445.1402 - Statement of Payments; Furnished by Holder, Fee.
Section 445.1403 - Payment in Full; Acknowledgment, Release of Collateral.
Section 445.1405 - Criminal Violation of Act by Personnel Deemed Violation by Contractor; Exception.
Section 445.1406 - Unauthorized Charges.
Section 445.1407 - Cash Loans.
Section 445.1410 - Effect of Act as to Prior Contracts.
Section 445.1421 - Violation of Act; Misdemeanor, Penalty.
Section 445.1422 - Violation of Act; Injunction; Violation of Injunction, Civil Penalty.