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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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NOTE: Dates reflect any modification to item, not necessarily a change in law.

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 disinterested third party to receive payments; amount and distribution of payments.
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.

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