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Michigan Legislature
Michigan Compiled Laws Complete Through PA 137 of 2018
House: Adjourned until Tuesday, May 29, 2018 1:30:00 PM
Senate: Adjourned until Tuesday, May 29, 2018 10:00:00 AM

Michigan Legislature

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Section 445.858

Jump to the first occurrence of "RETAIL INSTALLMENT SALES ACT"

Act 224 of 1966

445.858 Prepayment of unpaid balance; amount of refund credit.

Sec. 8.

(1) Notwithstanding contrary provisions of a retail installment contract, a buyer may prepay in full the unpaid balance of the retail installment contract at any time before its final due date and, if the buyer does so, shall receive a refund credit for the prepayment, except as provided in section 23. The amount of the refund credit shall not be less than the amount that would be refunded using the actuarial method.

(2) A refund credit of less than $1.00 need not be made.

History: 1966, Act 224, Eff. Mar. 10, 1967 ;-- Am. 1978, Act 97, Imd. Eff. Apr. 5, 1978 ;-- Am. 1995, Act 167, Eff. Mar. 28, 1996

© 2017 Legislative Council, State of Michigan

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