Sec. 15.
Notwithstanding the provisions of any other law and notwithstanding any agreement to the contrary:
(a) An assignee may purchase or acquire or agree to purchase or acquire any retail installment contract or retail charge agreement or any outstanding balance under either from a seller on the terms and conditions and for a price as may be mutually agreed upon, but a person shall not take a negotiable instrument, other than a currently dated check or draft, as evidence of the obligation of the buyer in a retail installment transaction.
(b) Filing of the assignment, notice to the buyer of the assignment, and any requirement that the seller be deprived of dominion over payments upon a retail installment contract or retail charge agreement, or over the goods if returned to or repossessed by the seller, shall not be necessary to the validity of a written assignment of the retail installment contract or retail charge agreement or any outstanding balance under either as against creditors, subsequent purchasers, pledgees, mortgagees, and lien claimants of the seller.
(c) Unless the assignee gives written notice of the assignment to the buyer by certified mail, or personally serves the buyer with the notice, a payment made by the buyer to the holder last known to the buyer shall be binding upon all subsequent holders.
(d) A holder of a retail installment contract of the buyer is subject to all the claims and defenses of the buyer arising out of the retail installment transaction, but the buyer's recovery shall not exceed the amount paid to the holder thereunder.
(e) This section shall apply only to sales made pursuant to a retail installment contract.
History: 1966, Act 224, Eff. Mar. 10, 1967 ;-- Am. 1972, Act 161, Eff. Jan. 1, 1973 ;-- Am. 1980, Act 76, Imd. Eff. Apr. 3, 1980
Structure 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 445.856 - 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 445.862a - Submission of Invoice Evidencing Credit Card Sale.
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 445.871 - Violation of Order of Circuit Court; Civil Penalty.