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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