Michigan § 445.857 Time price differential; limitation; computation; minimum time price differential.

Michigan Statutes

§ 445.857 — Time price differential; limitation; computation; minimum time price differential.

Michigan § 445.857

Ch. 445TRADE AND COMMERCE

Act 224 of 1966RETAIL INSTALLMENT SALES ACT (445.851-445.873)

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Bluebook

Mich. Comp. Laws § 445.857 (2026).

Text

RETAIL INSTALLMENT SALES ACT (EXCERPT) Act 224 of 1966 445.857 Time price differential; limitation; computation; minimum time price differential. 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 differential may be computed on the basis of a full month for a fractional portion of a month in excess of 10 days. A minimum time price differential of not more than $10.00 may be charged, received, and collected on each contract, whether or not the contract is prepaid.

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RETAIL INSTALLMENT SALES ACT (EXCERPT) Act 224 of 1966 445.857 Time price differential; limitation; computation; minimum time price differential. 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 differential may be computed on the basis of a full month for a fractional portion of a month in excess of 10 days. A minimum time price differential of not more than $10.00 may be charged, received, and collected on each contract, whether or not the contract is prepaid.