Michigan Laws 445.1402 – Statement of payments; furnished by holder, fee
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Terms Used In Michigan Laws 445.1402
- buyer: means a person who buys goods and services, or services from a contractor pursuant to a home improvement installment contract, or goods and services from a contractor pursuant to a home improvement charge agreement. See Michigan Laws 445.1102
- Holder: means a person, including a contractor, currently entitled to the rights of a contractor under a home improvement installment contract or home improvement charge agreement. See Michigan Laws 445.1102
At any time after its execution, but not later than 1 year after the last payment thereunder, the holder of a home improvement installment contract, upon written request of the buyer, shall give or forward to the buyer a written statement of the dates and amounts of payments and the total amount, if any, unpaid thereunder. The statement shall be supplied by the holder once each year without charge; if any additional statement is requested by the buyer, the holder shall supply each statement to the buyer at a charge not exceeding $1.00 for each additional statement supplied to the buyer. A buyer shall be given a receipt for any payment when made in cash.