Sec. 7.
A lessor shall not require any of the following:
(a) The purchase of insurance by the lessee from the lessor of a leased item.
(b) A payment that is in excess or in addition to a normal periodic payment and that is required in order to purchase a leased item at the conclusion of the periodic payments necessary to acquire ownership.
(c) A penalty for early termination of a rental-purchase agreement or for the return of an item at any point.
(d) A processing fee of any sort.
(e) A fee for in-home collection of a payment unless the lessee has expressly agreed to the fee and the amount of the fee is disclosed.
(f) A periodic payment or late fee for a rental period beginning after the lessee has returned or surrendered the leased property to the lessor or the lessor's agent.
(g) Any charge or fee for reinstatement of the rental-purchase agreement in addition to or in excess of those expressly permitted in section 8.
History: 1984, Act 424, Eff. Mar. 29, 1985 ;-- Am. 2012, Act 584, Imd. Eff. Jan. 3, 2013
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.