Sec. 5.
(1) An advertisement for any rental-purchase agreement shall not state that a specific lease of any property at specific amounts or terms is available unless the lessor usually and customarily leases or will lease the property at those amounts or terms.
(2) An advertisement shall not state that a payment or a periodic payment is due at the start of a lease without disclosing both the payment due at the start of the lease, the periodic payment, all other charges payable by the lessee, and the total of all periodic payments necessary to obtain ownership.
(3) Every item displayed or offered under a rental-purchase agreement shall have clearly and conspicuously indicated in arabic numerals, so as to be readable and understandable by visual inspection, each of the following stamped upon or affixed to the item:
(a) The cash price of the item.
(b) The amount of a periodic payment.
(c) The total number of periodic payments required for ownership.
History: 1984, Act 424, Eff. Mar. 29, 1985
Structure Michigan Compiled Laws
Chapter 445 - Trade and Commerce
Act 424 of 1984 - Rental-Purchase Agreement Act (445.951 - 445.970)
Section 445.951 - Short Title.
Section 445.952 - Definitions.
Section 445.954 - Amount Necessary to Acquire Ownership; Amount Applied Toward Purchase Price.
Section 445.956 - Prohibited Provisions in Rental-Purchase Agreement.
Section 445.957 - Prohibited Requirements.
Section 445.960 - Assurance of Discontinuance.
Section 445.965 - Mailing Copy of Complaint, Judgment, Decree, or Order to Attorney General.
Section 445.966 - Payment of Filing Fees.
Section 445.967 - Aid and Assistance of Law Enforcement Officer.
Section 445.968 - Investigation and Prosecution by Prosecuting Attorney.
Section 445.970 - Example of Form Satisfying Requirements of Act.