Michigan § 445.858 Prepayment of unpaid balance; amount of refund credit.

Michigan Statutes

§ 445.858 — Prepayment of unpaid balance; amount of refund credit.

Michigan § 445.858

Ch. 445TRADE AND COMMERCE

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

This text of Michigan § 445.858 (Prepayment of unpaid balance; amount of refund credit.) is published on Counsel Stack Legal Research, covering Michigan primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mich. Comp. Laws § 445.858 (2026).

Text

RETAIL INSTALLMENT SALES ACT (EXCERPT) Act 224 of 1966 445.858 Prepayment of unpaid balance; amount of refund credit. 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, except as provided in section 23. The amount of the refund credit shall not be less than the amount that would be refunded using the actuarial method.

(2)A refund credit of less than $1.00 need not be made.

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RETAIL INSTALLMENT SALES ACT (EXCERPT) Act 224 of 1966 445.858 Prepayment of unpaid balance; amount of refund credit. 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, except as provided in section 23. The amount of the refund credit shall not be less than the amount that would be refunded using the actuarial method. (2) A refund credit of less than $1.00 need not be made.