Sec. 403.
After the payment of all sums for which the buyer is obligated under a home improvement installment contract and upon demand made by the buyer, the holder shall deliver, or mail to the buyer at his last known address, such 1 or more good and sufficient instruments as may be necessary to acknowledge payment in full and to release all collateral.
History: 1965, Act 332, Eff. Jan. 1, 1966
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.