Sec. 406.
A person shall not charge, collect, or receive from a buyer, directly or indirectly, any further or other amount for costs, credit investigation charges, insurance premiums, examination, appraisal, service, brokerage, commission, interest, discount, expense, fee, fine, penalty, or other thing of value in connection with a home improvement installment contract, home improvement charge agreement, or home improvement charge sale, other than the charges authorized by this act. Any such unauthorized charge shall be unenforceable. Any payment of an unauthorized charge shall be applied to the next maturing installment, or, if a contract has been fully paid or a balance is not owing under an agreement, shall be remitted to the buyer and the buyer shall be entitled to recover all such unauthorized charges.
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.