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Michigan Legislature
Michigan Compiled Laws Complete Through PA 255 of 2017
House: Adjourned until Tuesday, January 16, 2018 1:30:00 PM
Senate: Adjourned until Tuesday, January 16, 2018 10:00:00 AM

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Section 445.857

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

RETAIL INSTALLMENT SALES ACT (EXCERPT)
Act 224 of 1966


445.857 Time price differential; limitation; computation; minimum time price differential.

Sec. 7.

A retail installment contract may provide for, and the seller or holder may then charge, collect, and receive a time price differential that does not exceed the rate of interest or its equivalent permitted a regulated lender by the credit reform act. The time price differential may be computed on the basis of a full month for a fractional portion of a month in excess of 10 days. A minimum time price differential of not more than $10.00 may be charged, received, and collected on each contract, whether or not the contract is prepaid.


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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