MCL - Act 27 of 1950 (Ex. Sess.)
AN ACT defining and regulating certain installment sales of motor vehicles; prescribing the conditions under which such sales may be made and regulating the financing thereof; regulating and licensing persons engaged in the business of making or financing such sales; prescribing the form, contents and effect of instruments used in connection with such sales and the financing thereof; prescribing certain rights and obligations of buyers, sellers, persons financing such sales and others; limiting charges in connection with such instruments and fixing maximum interest rates for delinquencies, extensions and loans; regulating insurance in connection with such sales; regulating repossessions, redemptions, resales and deficiency judgments and the rights of parties with respect thereto; authorizing extensions, loans and forbearances related to such sales; authorizing investigations and examinations of persons engaged in the business of making or financing such sales; transferring certain powers and duties with respect to finance companies to the commissioner of the financial institutions bureau; and prescribing penalties.
History: 1950, Ex. Sess., Act 27, Eff. Mar. 31, 1951
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Am. 1970, Act 114, Imd. Eff. July 23, 1970
Compiler's Notes: For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
| Document | Type | Description |
|---|---|---|
| Section 492.101 | Section | Motor vehicle sales finance act; short title. |
| Section 492.102 | Section | Definitions. |
| Section 492.103 | Section | Installment seller of motor vehicles; sales finance company; license required. |
| Section 492.104 | Section | License; application; form; contents; appointment of statutory agent; service of process; separate application for each place of business; renewal. |
| Section 492.105 | Section | 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 | Section | 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 | Section | Receipt of completed application for new or renewal license; issuance of license within certain time period; report. |
| Section 492.107 | Section | 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 | Section | License; application, rejection, grounds, notice; retention of fee. |
| Section 492.109 | Section | License; revocation or suspension; grounds; appeal. |
| Section 492.110 | Section | Investigation and examination of records; access to place of business; required witness attendance; subpoena; forms, rules and regulations. |
| Section 492.111 | Section | Books, accounts and records; maintenance. |
| Section 492.112 | Section | Installment sale contract; contents; signatures; buyer's copy; notice; form; delivery acknowledgment; payments; applicability. |
| Section 492.113 | Section | Installment sale contract; contents; collateral security; notice of legal rights; liability. |
| Section 492.113a | Section | Installment sale transaction; certain payments by seller on behalf of buyer. |
| Section 492.114 | Section | Installment sale contract; condition of signing; acceleration clause; right of repossession; prohibited provisions. |
| Section 492.114a | Section | 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 | Section | Installment sale contract; sale, transfer, assignment; notice to buyer; exception; assignment contracts. |
| Section 492.116 | Section | Installment sale contract; insurance of vehicle, limitation, coercion prohibited; premium cost, buyer's certificate, terms of contract, cancellation. |
| Section 492.116a | Section | Unexpired insurance premiums; crediting. |
| Section 492.117 | Section | Installment sale contract; costs; fees. |
| Section 492.118 | Section | Finance charge on installment sale contract; maximum rate; computation. |
| Section 492.119 | Section | Installment sale contract; extension; refinance charges; maximum rate; cash loans. |
| Section 492.120 | Section | Installment sale contract; default charge; maximum rate; computation; collection. |
| Section 492.121 | Section | Installment sale contract; prepayment of unpaid time balance; rebate of unearned finance charge. |
| Section 492.122 | Section | Installment sale contract; payments. |
| Section 492.122a | Section | Truth in lending act; effect of compliance. |
| Section 492.123-492.127 | Section | Repealed. 1962, Act 174, Eff. Jan. 1, 1964. |
| Section 492.128 | Section | Installment sale contract; buyer furnished statement of account, contents; fee for additional statement. |
| Section 492.129 | Section | Installment sale contract; receipt, contents; payment by mail. |
| Section 492.130 | Section | Installment sale contract; payment in full, release, discharge, instruments delivered to buyer. |
| Section 492.131 | Section | Installment sale contract; limitation on charges; charges prohibited; equity transfer. |
| Section 492.132 | Section | Installment sale contract; waiver. |
| Section 492.133 | Section | Installment sale contract; prior contracts. |
| Section 492.134 | Section | Installment sale contract; expiration, surrender or revocation of license. |
| Section 492.135 | Section | Installment sale contract; sales outside state. |
| Section 492.136 | Section | Businesses not affected or impaired by acts. |
| Section 492.137 | Section | Violation of act; penalty. |
| Section 492.138 | Section | Repealed. 1988, Act 242, Eff. Aug. 1, 1988. |
| Section 492.139, 492.140 | Section | Repealed. 1964, Act 256, Eff. Aug. 28, 1964. |
| Section 492.141 | Section | Optional method of computing finance charge. |