Michigan § 445.954 Amount necessary to acquire ownership; amount applied toward purchase price.

Michigan Statutes

§ 445.954 — Amount necessary to acquire ownership; amount applied toward purchase price.

Michigan § 445.954

Ch. 445TRADE AND COMMERCE

Act 424 of 1984RENTAL-PURCHASE AGREEMENT ACT (445.951-445.970)

This text of Michigan § 445.954 (Amount necessary to acquire ownership; amount applied toward purchase price.) 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 § 445.954 (2026).

Text

RENTAL-PURCHASE AGREEMENT ACT (EXCERPT) Act 424 of 1984 445.954 Amount necessary to acquire ownership; amount applied toward purchase price. Sec. 4.

(1)The amount to be paid by the lessee to acquire ownership as disclosed in section 3(j) shall not be greater than the cash price as disclosed under section 3(k) minus an amount equal to 45% of all periodic rental payments made by the lessee.

(2)If at any time an amount equal to 45% of the total periodic rental payments paid by the lessee to the lessor equals the cash purchase price disclosed under section 3(k), then the lessee shall acquire ownership of the rental property.

(3)This section shall not prohibit a lessor from offering a rental purchase agreement which provides that an amount equal to 45% or more of the periodic rental payments

Free access — add to your briefcase to read the full text and ask questions with AI

RENTAL-PURCHASE AGREEMENT ACT (EXCERPT) Act 424 of 1984 445.954 Amount necessary to acquire ownership; amount applied toward purchase price. Sec. 4. (1) The amount to be paid by the lessee to acquire ownership as disclosed in section 3(j) shall not be greater than the cash price as disclosed under section 3(k) minus an amount equal to 45% of all periodic rental payments made by the lessee. (2) If at any time an amount equal to 45% of the total periodic rental payments paid by the lessee to the lessor equals the cash purchase price disclosed under section 3(k), then the lessee shall acquire ownership of the rental property. (3) This section shall not prohibit a lessor from offering a rental purchase agreement which provides that an amount equal to 45% or more of the periodic rental payments is applied toward the purchase price disclosed in section 3(k).