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Michigan Legislature
Michigan Compiled Laws Complete Through PA 115 of 2018
House: Adjourned until Tuesday, May 22, 2018 1:30:00 PM
Senate: Adjourned until Tuesday, May 22, 2018 10:00:00 AM

Michigan Legislature

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Section 492.122

Jump to the first occurrence of "MOTOR VEHICLE SALES FINANCE ACT"

MOTOR VEHICLE SALES FINANCE ACT (EXCERPT)
Act 27 of 1950 (Ex. Sess.)


492.122 Installment sale contract; payments.

Sec. 22.

An installment sale contract may provide for a series of weekly, semi-monthly or monthly payments in substantially equal periods and amounts, followed by a single larger payment of the unpaid time balance, in which event the installment buyer shall have the right to an option, at the time such larger payment shall become due, to make such payment or to enter into a second contract, which contract shall conform to all the provisions of this act except that the refinance charge provided for in such second contract shall not exceed the finance charge rate provided for in the first contract.


History: 1950, Ex. Sess., Act 27, Eff. Mar. 31, 1951


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