HOME IMPROVEMENT FINANCE ACT (EXCERPT)
Act 332 of 1965
445.1202 Home improvement installment contract; contents required.
A home improvement installment contract shall contain:
(a) The entire agreement of the parties with respect to the goods and services.
(b) Either at the top of the contract or directly above the space reserved for the signature of the buyer, the words “home improvement installment contract” and shall appear in at least 10-point bold type.
(c) A notice in at least 8-point bold type reading as follows: “Notice to buyer: (1) Do not sign this contract before you read it. (2) You are entitled to a completely filled-in copy of this contract. (3) Under the law, you have the right to pay off in advance the full amount due and, under certain conditions, to obtain a partial refund of the finance charge. (4) You may rescind or cancel this contract, not later than 5 p.m. on the business day following the date thereof by giving written notice of rescission to the contractor or his agent at his place of business given in the contract or by mailing the notice or cancellation to the contractor to his place of business given in the contract by depositing a properly addressed certified letter in a United States post office or mail box, but if you rescind after 5 p.m. on the business day following, you are still entitled to offer defenses in mitigation of damages and to pursue any rights of action or defenses that arise out of the transaction”.
History: 1965, Act 332, Eff. Jan. 1, 1966
© 2017 Legislative Council, State of Michigan