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Michigan Statutes, Title 445

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Michigan/Statutes

← All Michigan coverage

Title 445, TRADE AND COMMERCE

114 chapters · 762 sections in this title.

All chapters in Title 445762 Ch 173-of-1987, MORTGAGE BROKERS, LENDERS, AND SERVI…42 Ch 331-of-1976, MICHIGAN CONSUMER PROTECTION ACT37 Ch 269-of-1974, FRANCHISE INVESTMENT LAW34 Ch 332-of-1965, HOME IMPROVEMENT FINANCE ACT34 Ch 118-of-1981, MOTOR VEHICLE FRANCHISE ACT28 Ch 224-of-1966, RETAIL INSTALLMENT SALES ACT27 Ch 424-of-1984, RENTAL-PURCHASE AGREEMENT ACT20 Ch 452-of-2004, IDENTITY THEFT PROTECTION ACT20 Ch 274-of-1984, MICHIGAN ANTITRUST REFORM ACT19 Ch 229-of-2013, SECURITY FREEZE ACT18 Ch Initiated Law 1-of-1976, BEVERAGE CONTAINERS17 Ch 155-of-1981, OWNERSHIP RIGHTS IN DIES, MOLDS, AND…17 Ch 33-of-2009, RECREATIONAL VEHICLE FRANCHISE ACT15 Ch 15-of-2011, SHOPPING REFORM AND MODERNIZATION ACT14

20 sections·Filtered byTitle 445✕Ch 424-of-1984✕

Mich. Comp. Laws § 445.951 Short title.
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Sec. 1. This act shall be known and may be cited as the "rental-purchase agreement act".
Mich. Comp. Laws § 445.952 Definitions.
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Sec. 2. As used in this act: (a) "Lessee" means a person who leases property pursuant to a rental-purchase agreement. (b) "Lessor" means a person who, in the ordinary course of business, regularly leases, offers to lease, or arranges for the leasing of property under a rental-pur…
Mich. Comp. Laws § 445.953 Rental-purchase agreement; form; contents; information requirements; separate form; disclosure of additional information.
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Sec. 3. (1) A rental-purchase agreement shall be in the form of a written statement which shall include all of the following: (a) A brief description of the leased property, sufficient to identify the property to the lessee and lessor including whether the property is new or prev…
Mich. Comp. Laws § 445.954 Amount necessary to acquire ownership; amount applied toward purchase price.
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Sec. 4. (1) The amount to be paid by the lessee to acquire ownership as disclosed in section 3(j) shall not be greater than the cash price as disclosed under section 3(k) minus an amount equal to 45% of all periodic rental payments made by the lessee. (2) If at any time an amount…

Mich. Comp. Laws § 445.955 Advertising requirements; requirements as to items displayed or offered under rental-purchase agreement.

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Sec. 5. (1) An advertisement for any rental-purchase agreement shall not state that a specific lease of any property at specific amounts or terms is available unless the lessor usually and customarily leases or will lease the property at those amounts or terms. (2) An advertiseme…

Mich. Comp. Laws § 445.956 Prohibited provisions in rental-purchase agreement.

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Sec. 6. A rental-purchase agreement shall not contain a provision requiring any of the following: (a) A garnishment of wages or a power of attorney to confess a judgment. (b) Authorization to the lessor or a person acting on the lessor's behalf to unlawfully enter upon the lessee…

Mich. Comp. Laws § 445.957 Prohibited requirements.

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Sec. 7. A lessor shall not require any of the following: (a) The purchase of insurance by the lessee from the lessor of a leased item. (b) A payment that is in excess or in addition to a normal periodic payment and that is required in order to purchase a leased item at the conclu…

Mich. Comp. Laws § 445.958 Failure to make timely periodic payment; rights of lessee; reinstatement; late or delivery fee; same or substitute item provided on reinstatement.

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Sec. 8. (1) A lessee who fails to make a timely periodic payment may reinstate the original rental-purchase agreement without losing any rights or options previously acquired under the rental-purchase agreement by paying the past due periodic payment, any applicable late fee, and…

Mich. Comp. Laws § 445.959 Temporary or permanent injunction; venue; costs; civil penalty; notice of intended action; opportunity to cease and desist or to confer with attorney general; notice of alleged violation; civil penalty for knowing violation.

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Sec. 9. (1) When the attorney general has probable cause to believe that a person has engaged, is engaging, or is about to engage in a method, act, or practice which is unlawful pursuant to this act, and upon notice given in accordance with this section, the attorney general may …

Mich. Comp. Laws § 445.960 Assurance of discontinuance.

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Sec. 10. (1) When the attorney general has authority to institute an action or proceeding pursuant to section 9, the attorney general may accept an assurance of discontinuance of a method, act, or practice which is alleged to be unlawful under this act from the person who is alle…

Mich. Comp. Laws § 445.961 Subpoena; service and contents of notice; extension of reporting date; modification or setting aside of notice and subpoena; confidentiality; disclosures; disclosure as misdemeanor; penalty.

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Sec. 11. (1) Upon the ex parte application of the attorney general to the circuit court in the county where the defendant is established or conducts business or, if the defendant is not established in this state, in Ingham county, the circuit court, if it finds probable cause to …

Mich. Comp. Laws § 445.962 Compliance with terms of notice; prohibited conduct; civil penalty; petition for order to enforce compliance; violation of final order as civil contempt; enjoining person from doing business in state.

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Sec. 12. (1) A person upon whom a notice is served pursuant to section 11 shall comply with the terms of the notice unless otherwise provided by the order of the circuit court. (2) A person who does any of the following shall be assessed a civil penalty of not more than $5,000.00…

Mich. Comp. Laws § 445.963 Class action for actual damages; order; appointment of receiver; sequestration of assets; cost of notice; effect of bona fide error; limitations.

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Sec. 13. (1) The attorney general may bring a class action on behalf of persons residing in or injured in this state for the actual damages caused by a method, act, or practice in trade or commerce which is prohibited by this act. (2) On motion of the attorney general and without…

Mich. Comp. Laws § 445.964 Action for declaratory judgment or injunction; action for actual damages and attorneys' fees; class action for actual damages; order; appointment of receiver; sequestration of assets; cost of notice to class; effect of bona fide effort; limitations; defense or counterclaim.

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Sec. 14. (1) Whether or not a person seeks damages or has an adequate remedy at law, a person may bring an action to do either or both of the following: (a) Obtain a declaratory judgment that a method, act, or practice is unlawful under this act. (b) Enjoin in accordance with the…

Mich. Comp. Laws § 445.965 Mailing copy of complaint, judgment, decree, or order to attorney general.

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Sec. 15. (1) Upon commencement of an action brought pursuant to section 14 or 18, the clerk of the court shall mail a copy of the complaint to the attorney general, and upon entry of a judgment or decree in the action, the clerk of the court shall mail a copy of the judgment, dec…

Mich. Comp. Laws § 445.966 Payment of filing fees.

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Sec. 16. Payment of filing fees shall not be required in an action or filing for a voluntary assurance by the attorney general or prosecuting attorney pursuant to this act.

Mich. Comp. Laws § 445.967 Aid and assistance of law enforcement officer.

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Sec. 17. A law enforcement officer in the state, if requested by the attorney general or a prosecuting attorney, shall aid and assist in an investigation of an alleged or actual violation of this act.

Mich. Comp. Laws § 445.968 Investigation and prosecution by prosecuting attorney.

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Sec. 18. A prosecuting attorney may conduct an investigation pursuant to this act and may institute and prosecute an action under this act in the same manner as the attorney general.

Mich. Comp. Laws § 445.969 Other causes of action not affected; inconsistent ordinance or regulation prohibited.

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Sec. 19. This act shall not affect any other cause of action which is available. A city, village, township, or county shall not enact an ordinance or other regulation inconsistent with this act or with a rule promulgated pursuant to this act.

Mich. Comp. Laws § 445.970 Example of form satisfying requirements of act.

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Sec. 20. The following form is an example of the form which may be used to satisfy the requirements of this act: RENTAL-PURCHASE AGREEMENT 1. Lessor(s) Lessee(s) __________________________ __________________________ __________________________ __________________________ __________…