Michigan Laws 445.871a – Compliance with federal truth-in-lending act; violation as unintentional and bona fide error; burden of proof
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 445.871a
- Person: means an individual, partnership, joint venture, corporation, limited liability company, association, or other legal entity. See Michigan Laws 445.852
- Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
- seller: means a person regularly and principally engaged in the business of selling goods or services to retail buyers, but does not include the services of a professional person licensed by the state to perform legal or dental services or medical services as a medical doctor or a doctor of osteopathy. See Michigan Laws 445.852
A retail seller is not liable for a violation of this act if the retail seller has fully complied with the federal truth-in-lending act, Public Law 90-321, 15 U.S.C. § 1601 to 1607e and shows that the violation was an unintentional and bona fide error notwithstanding the maintenance of procedures reasonably adopted to avoid the error. Examples of a bona fide error include clerical, calculation, computer malfunction, programming, or printing errors. An error in legal judgment with respect to a person‘s obligations under this act is not a bona fide error. A violation of this act resulting from a bona fide error may be corrected in the same manner as provided for in section 130(b) of the truth-in-lending act, 15 U.S.C. § 1640(b). The burden of proving that a violation was an unintentional and bona fide error is on the retail seller.