Title 445, TRADE AND COMMERCE

Sec. 17. (1) The remedies under this act are cumulative and do not affect the ability or right of any person to bring any action under this or any other civil, criminal, or regulatory act or ordinance that is otherwise not prohibited by law. (2) This act does not exempt or releas…

Sec. 1. This act shall be known and may be cited as the "pyramid promotional scheme act".

Sec. 2. As used in this act: (a) "Compensation" means a payment of any money, thing of value, or financial benefit conferred in return for inducing an individual to participate in a pyramid promotional scheme. (b) "Consideration" means the payment of cash or anything of value or …

Sec. 3. (1) A person shall not promote or participate in a pyramid promotional scheme. A limitation as to the number of individuals who may participate or the presence of additional conditions affecting eligibility for the opportunity to receive compensation under a plan or opera…

Sec. 4. (1) If the attorney general has reasonable cause to believe that a person has engaged or is about to engage in any act or practice that violates this act, or any order issued under this act, the attorney general may do any of the following: (a) Subject to subsections (2) …

Sec. 5. There is a rebuttable presumption that a plan or operation is not a pyramid promotional scheme if both of the following conditions are satisfied: (a) The plan or operation does not cause inventory loading. (b) The plan or operation implements an inventory repurchase progr…

Sec. 6. (1) If the attorney general has reasonable cause to believe that a person has information or is in possession, custody, or control of any document or other tangible object that is relevant to an investigation of a violation of this act, the attorney general, or a prosecut…

Sec. 1. For the purposes of this act: "Consumer" shall mean an individual, firm, partnership, association or corporation who buys for own use or for the use of another but not for re-sale. "Second-hand watch" means: (1) A watch which, as a whole, the case thereof, or the movement…

Sec. 2. Any person, or agent or employe thereof, who sells a second-hand watch, shall affix and keep affixed to the same a tag at least 1 inch by 1 1/2 inches with the words "second-hand" legibly written or printed thereon in the English language. For the purposes of this act, "s…

Sec. 3. Any person, or agent or employe thereof, who sells a second-hand watch, shall deliver to the vendee a written notice setting forth the name and address of the vendor, the name and address of the vendee, the date of the sale, the fact that the watch is second-hand, the nam…

Sec. 4. Any person advertising second-hand watches for sale in any manner shall state clearly in such advertisement that the watches so advertised are second-hand watches. If such advertisement is printed or written, the fact that such watches are second-hand shall be printed or …

Sec. 5. Any person who shall violate any of the provisions of this act shall be deemed guilty of a misdemeanor and upon conviction thereof shall be punished as provided by the laws of this state.

Sec. 1. As used in this act: (a) "Adverse information" means information indicating that the cosigner has not complied with the contractual provisions of an obligation. (b) "Collection action" means requesting a cosigner to pay all or part of the obligation. (c) "Cosigner" means …

Sec. 2. (1) Before reporting adverse information about a cosigner to a consumer reporting agency as defined in the fair credit reporting act, 15 U.S.C. 1681-1681t, concerning the obligation that was cosigned or providing any information regarding the cosigner's obligation to a co…

Sec. 3. (1) A cosigner who suffers loss as a result of a violation of this act may bring an action to recover actual damages or $250.00, whichever is greater, together with reasonable attorney's fees. (2) Not less than 30 days prior to bringing an action as provided in subsection…

Sec. 1. This act shall be known and may be cited as the "retail installment sales act".

Sec. 1a. Compliance with the requirements of the truth in lending act, title I of Public Law 90-321, 15 U.S.C. 1601 to 1608, 1610 to 1613, 1615, 1631 to 1635, 1637 to 1638, 1640 to 1647, and 1661 to 1667e, is compliance with the disclosure provisions of sections 3(d) and 12(b).

Sec. 2. As used in this act: (a) "Cash sale price" means the price of a good or service a retail buyer would pay if he or she paid for the good or service in cash, and that is stated in a retail installment contract or in a sales slip or other memorandum furnished by a retail sel…

Sec. 3. Each retail installment contract shall be in writing, dated, signed by the retail buyer or the authorized representative of the retail buyer and completed as to all essential provisions, except as otherwise provided in sections 5 and 6. A seller, agent of the seller, or e…

Sec. 4. A retail installment contract need not be contained in a single document. If the contract is contained in more than 1 document, 1 such document may be an original document signed by the retail buyer, stated to be applicable to purchases of goods or services to be made by …

Sec. 5. (1) A retail installment transaction negotiated and entered into by mail or telephone without personal solicitations by a salesperson or other representative of the seller and based upon a catalog of the seller, or other printed solicitation which clearly sets forth the c…

Sec. 6. A retail installment contract shall not be signed by any party thereto when it contains blank spaces of items which are essential provisions of the transaction, but if delivery of the goods is not made at the time of the execution of the contract, the identifying numbers …

Sec. 7. A retail installment contract may provide for, and the seller or holder may then charge, collect, and receive a time price differential that does not exceed the rate of interest or its equivalent permitted a regulated lender by the credit reform act. The time price differ…

Sec. 8. (1) Notwithstanding contrary provisions of a retail installment contract, a buyer may prepay in full the unpaid balance of the retail installment contract at any time before its final due date and, if the buyer does so, shall receive a refund credit for the prepayment, ex…

Sec. 9. The holder of an installment contract or retail charge agreement, or retail charge agreement including a contract subject to section 23, if it so provides, may collect a delinquency and collection charge on each installment in default for a period of more than 10 days. A …

Sec. 10. Upon written request of the buyer, the holder of a retail installment contract shall give or forward to the buyer a written statement of the dates and amounts of payments and the total amount unpaid under the contract. A buyer shall be given a written receipt for any pay…

Sec. 11. (a) If, in a retail installment transaction, a retail buyer purchases goods or services from a retail seller from whom he or she has previously purchased goods or services under 1 or more retail installment contracts, and the amounts under the previous contracts have not…

Sec. 12. (a) A retail charge agreement shall be in writing and signed by the buyer or the authorized representative of the buyer. A retail charge agreement shall be considered signed and accepted by the buyer if after a request for a retail charge account the agreement or applica…

Sec. 12a. If a retail seller elects to accept a credit card issued by a bank, the retail seller shall not submit an invoice evidencing such credit card sale to the card issuer until the goods or services purchased with the credit card have been delivered to the purchaser.

Sec. 13. (a) If the cost of insurance is included in the retail installment contract or the retail charge agreement and a separate charge is made to the buyer for the insurance: (1) The contract or agreement shall state the nature, purpose and the amount of the insurance. (2) The…

Sec. 14. (1) Any of the following provisions contained in a retail installment contract or retail charge agreement are void and unenforceable: (a) In the absence of the buyer's default in the performance of any of the buyer's obligations, the holder may accelerate the maturity of…

Sec. 15. Notwithstanding the provisions of any other law and notwithstanding any agreement to the contrary: (a) An assignee may purchase or acquire or agree to purchase or acquire any retail installment contract or retail charge agreement or any outstanding balance under either f…

Sec. 15a. (1) For the purposes of this act, a retail installment contract, retail charge agreement, or other retail installment transaction shall be considered to have been made in this state if either the seller offers or agrees in this state to sell to a buyer who is a resident…

Sec. 16. No act or agreement of the retail buyer before or at the time of the making of a retail installment contract, retail charge agreement or purchase thereunder shall constitute a valid waiver of any of the provisions of this act or of any remedies granted to the buyer by la…

Sec. 17. Any person who wilfully and intentionally violates any provisions of this act shall be guilty of a misdemeanor.

Sec. 18. Any seller who enters into any contract or agreement which does not comply with the provisions of this act or who violates any provision of this act except as a result of accidental or bona fide error is barred from the recovery of any time price differential, any offici…

Sec. 19. (1) The attorney general, the prosecuting attorney for the county where an alleged violation occurred, or a borrower may bring an action against a retail seller to do 1 or more of the following: (a) Obtain a declaratory judgment that a method, act, or practice of a retai…

Sec. 20. The attorney general, or with his consent a prosecuting attorney, may accept an assurance of discontinuance of any act or practice deemed in violation of this act from any person engaging in, or who has engaged in, such act or practice. Any assurance shall be in writing …

Sec. 21. Any person who violates any order of a circuit court issued pursuant to this act shall forfeit and pay a civil penalty of not more than $1,000.00. For the purpose of this section, the court issuing any order shall retain jurisdiction for a period of 10 years and the caus…

Sec. 21a. 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 …

Sec. 22. The provisions of this act shall not invalidate or make unlawful or unenforceable, retail installment contracts or retail charge agreements executed prior to the effective date of this act, or liabilities at any time incurred thereunder.

Sec. 23. Instead of a time price differential computed on the original principal balance, the seller may charge from time to time a time price differential consisting of interest on the amount of the unpaid principal balance of the contract. The transaction is subject to this act…

Sec. 1. As used in this act: (a) "Home solicitation sale" means a sale of goods or services of more than $25.00 in which the seller or a person acting for the seller engages in a personal, telephonic, or written solicitation of the sale, the solicitation is received by the buyer …

Sec. 1a. (1) A home solicitation sale shall not be made by telephonic solicitation using in whole or in part a recorded message. A person shall not make a telephone solicitation that consists in whole or in part of a recorded message. (2) Within 120 days after the effective date …

Sec. 1b. (1) At the beginning of a telephone solicitation, a person making a telephone solicitation to a residential telephone subscriber shall state his or her name and the full name of the organization or other person on whose behalf the call was initiated and provide a telepho…

Sec. 1c. (1) It is an unfair or deceptive act or practice and a violation of this act for a telephone solicitor to do any of the following: (a) Misrepresent or fail to disclose, in a clear, conspicuous, and intelligible manner and before payment is received from the consumer, all…