The web Browser you are currently using is unsupported, and some features of this site may not work as intended. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer.
Motor Vehicle Installment Seller/ Sales Finance Co
Motor Vehicle Sales Finance/Installment Seller
This Act regulates certain installment sales of motor vehicles; prescribes the conditions under which such sales may be made and regulates the financing; regulates and licenses persons engaged in the business of making or financing such sales; prescribes the form, contents and effect of instruments used in connection with such sales and the financing; prescribes certain rights and obligations of buyers, sellers, persons financing such sales and others; limits charges in connection with such instruments and fixes maximum interest rates for delinquencies, extensions and loans; regulates insurance in connection with such sales; regulates repossessions, redemptions, resales and deficiency judgments and the rights of parties with respect; authorizes extensions, loans and forbearances related to such sales; authorizes investigations and examinations of persons engaged in the business of making or financing such sales; transfers certain powers and duties with respect to finance companies to the commissioner of the financial institutions bureau; and prescribes penalties.