MCL - Act 27 of 1950 (Ex. Sess.)


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 ;-- 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.

The People of the State of Michigan enact:
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.