Michigan Compiled Laws
Act 224 of 1966 - Retail Installment Sales Act (445.851 - 445.873)
Section 445.859 - Installment Contract or Retail Charge Agreement; Delinquency and Collection Charge.

Sec. 9.
The holder of an installment contract or retail charge agreement, or retail charge agreement including a contract subject to section 23, if it so provides, may collect a delinquency and collection charge on each installment in default for a period of more than 10 days. A delinquency and collection charge is not a liquidated damage.
History: 1966, Act 224, Eff. Mar. 10, 1967 ;-- Am. 1993, Act 112, Eff. Sept. 19, 1993 ;-- Am. 1995, Act 167, Eff. Mar. 28, 1996

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 445 - Trade and Commerce

Act 224 of 1966 - Retail Installment Sales Act (445.851 - 445.873)

Section 445.851 - Retail Installment Sales Act; Short Title.

Section 445.851a - Truth in Lending Act; Effect of Compliance.

Section 445.852 - Definitions.

Section 445.853 - Retail Installment Contract; Requirements; Size; Notice to Buyer; Delivery of Copy; Nondelivery; Provisions; Contents of Contract; Transaction Involving Vehicle; Terms; Statement That Seller Retains Security Interest.

Section 445.854 - Retail Installment Contracts; Single Document Not Required; Sales Slip, Account Book, Other Written Statements.

Section 445.855 - Transactions Negotiated and Entered Into by Mail or Telephone; Applicable Provisions of Act; Memorandum.

Section 445.856 - Retail Installment Contracts; Blank Space; Filling.

Section 445.857 - Time Price Differential; Limitation; Computation; Minimum Time Price Differential.

Section 445.858 - Prepayment of Unpaid Balance; Amount of Refund Credit.

Section 445.859 - Installment Contract or Retail Charge Agreement; Delinquency and Collection Charge.

Section 445.860 - Retail Installment Contracts; Statement of Dates, Payments and Unpaid Balances; Receipt.

Section 445.861 - Retail Installment Transactions; Subsequent Purchases; Previous Contracts; Inclusion and Consolidation; New Schedule of Installment Payments.

Section 445.862 - Retail Charge Agreement; Delivery of Copy to Buyer; Acknowledgment; Blank Spaces; Statement of Time Price Differential; Notice to Buyer; Periodic Statement; Computation of Time Price Differential; Adjustment of Charges; Attorney's F...

Section 445.862a - Submission of Invoice Evidencing Credit Card Sale.

Section 445.863 - Retail Installment Contracts or Charge Agreements; Insurance Included in Cost; Requirements; Minimum Charges; Refunds.

Section 445.864 - Retail Installment Contracts or Charge Agreements; Prohibited Provisions; Denial of Application Based on Geographic Location of Residence Prohibited; Permissible Conduct; Exemption; Contract for Financial Services Not Required; Offe...

Section 445.865 - Purchase or Acquisition of Retail Installment Contract or Retail Charge Agreement by Assignee; Terms, Conditions, and Price; Evidence of Obligation; Validity of Written Assignment; Notice; Payment to Last Known Holder; Claims and De...

Section 445.865a - Contracts, Agreements, or Other Transactions Considered Made in State; Offer or Agreement to Sell in State; Acceptance or Offer to Buy in State.

Section 445.866 - Waiver of Act as to Buyers' Protection Prohibited.

Section 445.867 - Violation of Act; Misdemeanor.

Section 445.868 - Violation of Act; Effect as to Recovery Rights of Seller.

Section 445.869 - Violation of Act; Actions; Penalties.

Section 445.870 - Violation of Act; Assurance of Discontinuance; Acceptance by Attorney General, Approval of Circuit Court.

Section 445.871 - Violation of Order of Circuit Court; Civil Penalty.

Section 445.871a - Compliance With Federal Truth-in-Lending Act; Violation as Unintentional and Bona Fide Error; Burden of Proof.

Section 445.872 - Effect of Act as to Prior Contracts.

Section 445.873 - Time Price Differential Consisting of Interest on Amount of Unpaid Principal Balance of Contract; Modifications.