Michigan Laws 445.993 – Failure of lessor to provide notice or obtain lessee’s signature or initials; civil action; damages; attorney’s fees; limitation
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(1) If a lessor fails to provide the notice required by this act or fails to obtain the lessee‘s signature or initials in the space provided and the lessor has invoked the terms of the contract requiring the lessee to pay to the lessor the difference between the early termination payoff balance as determined by the lessor and the actual cash value as determined by the insurer, then the lessor is subject to a civil action brought by the lessee.
(2) If the lessee is successful in the civil action, then the lessee may recover actual damages or $250.00, whichever is greater, together with reasonable attorney’s fees.
Terms Used In Michigan Laws 445.993
- Contract: A legal written agreement that becomes binding when signed.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Lessee: means a natural person who leases a motor vehicle under a lease contract. See Michigan Laws 445.991
- Lessor: means a natural person, partnership, corporation, association, or other legal entity that is engaged in the business of leasing, offering to lease, or arranging the lease of a motor vehicle under a lease contract. See Michigan Laws 445.991
(3) For purposes of this section, actual damages may not exceed the difference between the early termination payoff balance as determined by the lessor and the actual cash value as determined by the insurer.