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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