Michigan Compiled Laws
Act 27 of 1950 (Ex. Sess.) - Motor Vehicle Sales Finance Act (492.101 - 492.141)
Section 492.139, 492.140 - Repealed. 1964, Act 256, Eff. Aug. 28, 1964.

Michigan Compiled Laws

Chapter 492 - Installment Sales of Motor Vehicles

Act 27 of 1950 (Ex. Sess.) - Motor Vehicle Sales Finance Act (492.101 - 492.141)

Section 492.101 - Motor Vehicle Sales Finance Act; Short Title.

Section 492.102 - Definitions.

Section 492.103 - Installment Seller of Motor Vehicles; Sales Finance Company; License Required.

Section 492.104 - License; Application; Form; Contents; Appointment of Statutory Agent; Service of Process; Separate Application for Each Place of Business; Renewal.

Section 492.105 - Bond to Accompany First License Application; Bond Applicable to Principal Place of Business; Form; Penal Sum; Execution; Condition; Action on Bond; Filing New Bond or Renewal Certificate.

Section 492.106 - License; Application; Fee; Abatement in Amount of License Fee; Expiration of License; Examination Fee; Hourly Rate and per Contract Rate; Invoice; Payment; Disposition and Use of Fees and Expenses.

Section 492.106a - Receipt of Completed Application for New or Renewal License; Issuance of License Within Certain Time Period; Report.

Section 492.107 - License Certificate; Issuance; Posting; License Nontransferable and Nonassignable; Change in Business Location; Notice; Amendment of License Certificate; Fee; Operating More Than 1 Place of Business.

Section 492.108 - License; Application, Rejection, Grounds, Notice; Retention of Fee.

Section 492.109 - License; Revocation or Suspension; Grounds; Appeal.

Section 492.110 - Investigation and Examination of Records; Access to Place of Business; Required Witness Attendance; Subpoena; Forms, Rules and Regulations.

Section 492.111 - Books, Accounts and Records; Maintenance.

Section 492.112 - Installment Sale Contract; Contents; Signatures; Buyer's Copy; Notice; Form; Delivery Acknowledgment; Payments; Applicability.

Section 492.113 - Installment Sale Contract; Contents; Collateral Security; Notice of Legal Rights; Liability.

Section 492.113a - Installment Sale Transaction; Certain Payments by Seller on Behalf of Buyer.

Section 492.114 - Installment Sale Contract; Condition of Signing; Acceleration Clause; Right of Repossession; Prohibited Provisions.

Section 492.114a - Evidence of Obligation; Holder Subject to Claims and Defenses of Buyer; Limitation on Buyer's Recovery; Mandatory Provision in Installment Sale Contract; Sales to Which Section Applicable; Action to Collect Debt; Designation of Dis...

Section 492.115 - Installment Sale Contract; Sale, Transfer, Assignment; Notice to Buyer; Exception; Assignment Contracts.

Section 492.116 - Installment Sale Contract; Insurance of Vehicle, Limitation, Coercion Prohibited; Premium Cost, Buyer's Certificate, Terms of Contract, Cancellation.

Section 492.116a - Unexpired Insurance Premiums; Crediting.

Section 492.117 - Installment Sale Contract; Costs; Fees.

Section 492.118 - Finance Charge on Installment Sale Contract; Maximum Rate; Computation.

Section 492.119 - Installment Sale Contract; Extension; Refinance Charges; Maximum Rate; Cash Loans.

Section 492.120 - Installment Sale Contract; Default Charge; Maximum Rate; Computation; Collection.

Section 492.121 - Installment Sale Contract; Prepayment of Unpaid Time Balance; Rebate of Unearned Finance Charge.

Section 492.122 - Installment Sale Contract; Payments.

Section 492.122a - Truth in Lending Act; Effect of Compliance.

Section 492.123-492.127 - Repealed. 1962, Act 174, Eff. Jan. 1, 1964.

Section 492.128 - Installment Sale Contract; Buyer Furnished Statement of Account, Contents; Fee for Additional Statement.

Section 492.129 - Installment Sale Contract; Receipt, Contents; Payment by Mail.

Section 492.130 - Installment Sale Contract; Payment in Full, Release, Discharge, Instruments Delivered to Buyer.

Section 492.131 - Installment Sale Contract; Limitation on Charges; Charges Prohibited; Equity Transfer.

Section 492.132 - Installment Sale Contract; Waiver.

Section 492.133 - Installment Sale Contract; Prior Contracts.

Section 492.134 - Installment Sale Contract; Expiration, Surrender or Revocation of License.

Section 492.135 - Installment Sale Contract; Sales Outside State.

Section 492.136 - Businesses Not Affected or Impaired by Acts.

Section 492.137 - Violation of Act; Penalty.

Section 492.138 - Repealed. 1988, Act 242, Eff. Aug. 1, 1988.

Section 492.139, 492.140 - Repealed. 1964, Act 256, Eff. Aug. 28, 1964.

Section 492.141 - Optional Method of Computing Finance Charge.