Michigan Laws 492.135 – Installment sale contract; sales outside state
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 492.135
- 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.
- Licensee: means a person issued a license under this act as an installment seller or a sales finance company and whose license has not expired or been surrendered or revoked, and in the plural means a person or persons licensed under 1 or both of these 2 classifications. See Michigan Laws 492.102
- Motor vehicle: means a self-propelled device by which a person or property may be transported upon a public highway or, subject to subparagraph (iv), a recreational vehicle. 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.
- seller: means a person engaged in the business of selling, offering for sale, hiring, or leasing motor vehicles under installment sale contracts or a legal successor in interest to that person. See Michigan Laws 492.102
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
Nothing in this act shall be construed to prevent the enforcement in the state of Michigan of an obligation arising from the sale of a motor vehicle made outside of the state of Michigan under an installment sale contract valid in such other state, entered into or executed by the buyer outside of the state of Michigan, whether or not such buyer was a resident of this state or the seller a licensee at the time they entered into such contract.