Mich. Admin. Code R. 125.1405 - Retail installment sales agreements; retailer-obtained financing or insurance; payment of floor plan lender; pay off of loan
Rule 405.
(1) A
retail installment sales agreement utilized by a retailer shall conform to the
federal consumer credit protection act, Public Law 90-321,
15 U.S.C.
ยง1601 et seq., and to 1966 PA 224, MCL
445.851 et seq.
(2) A retailer shall
not require retailer-obtained financing or insurance of a home as a condition
of sale.
(3) A retailer shall pay
its floor plan lender for a home within 15 days after the retailer receives
payment for the home from a purchaser or a purchaser's lender.
(4) A retailer shall pay off a loan on a home
within 15 days after taking the home in trade or receiving payment for the home
unless the requirement is waived by the homeowner, borrower, and the lender
holding the loan on the home.
Notes
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