Sec. 21a.
A retail seller is not liable for a violation of this act if the retail seller has fully complied with the federal truth-in-lending act, Public Law 90-321, 15 U.S.C. 1601 to 1607e and shows that the violation was an unintentional and bona fide error notwithstanding the maintenance of procedures reasonably adopted to avoid the error. Examples of a bona fide error include clerical, calculation, computer malfunction, programming, or printing errors. An error in legal judgment with respect to a person's obligations under this act is not a bona fide error. A violation of this act resulting from a bona fide error may be corrected in the same manner as provided for in section 130(b) of the truth-in-lending act, 15 U.S.C. 1640(b). The burden of proving that a violation was an unintentional and bona fide error is on the retail seller.
History: Add. 1995, Act 167, Eff. Mar. 28, 1996
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.