(a) At any time after execution of an installment sale contract and within 1 year after termination of such contract, the holder of such contract shall furnish the buyer, upon request, with a complete and detailed statement of account showing:
  1. All amounts paid by the buyer on account of the obligation, dates of payment and the allocation of such payments to reduction of the time balance, refinance charges, default charges, court costs, attorney’s fees, expenses of retaking, repairing, storing, or otherwise.

Terms Used In Michigan Laws 492.128

  • buyer: means a person that buys, hires, or leases a motor vehicle for personal, family, or household use, and not for commercial, business, or agricultural use, under an installment sale contract or a legal successor in interest to that person. See Michigan Laws 492.102
  • contract: means an agreement for the retail sale of a motor vehicle, or that has a similar purpose or effect, under which part or all of the price is payable in 2 or more scheduled payments subsequent to the making of the agreement or under which the obligor undertakes to make 2 or more scheduled payments or deposits that can be used to pay part or all of the purchase price, whether or not the seller has retained a security interest in the motor vehicle or has taken collateral security for the buyer's obligation, and any extension, deferment, renewal, or other revision of that agreement. See Michigan Laws 492.102
  • Contract: A legal written agreement that becomes binding when signed.
  • Holder: means a seller or other person that is currently entitled to the rights of a seller under an installment sale contract. See Michigan Laws 492.102
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Time balance: means the sum of the principal amount financed and the finance charge. See Michigan Laws 492.102
  2. All amounts credited to the buyer as rebates for prepayment and unexpired premiums on insurance cancelled.
  3. The amount of the installment payments, accrued charges and expenses incurred, if any, which are due and payable.
  4. The number and amount of installment payments to become due and payable, if any, and the due dates thereof.
  (b) The buyer shall be furnished with 1 such statement of account without charge during the term of the contract or within 1 year after termination, and the holder may require payment of a fee of 50 cents for any additional statements.
  (c) The holder shall furnish the buyer, upon request and upon payment of a fee of 50 cents, with a duplicate copy of the installment sale contract to replace the buyer’s copy of such contract which is required to be furnished to the buyer without charge at the time of execution of the contract.
  Previous section
Next section  
 Act 27 of 1950 Contents