LegalFix
Sign In

Section 445.957 Prohibited Requirements.

MI Comp L § 445.957 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

Sec. 7.

A lessor shall not require any of the following:

(a) The purchase of insurance by the lessee from the lessor of a leased item.

(b) A payment that is in excess or in addition to a normal periodic payment and that is required in order to purchase a leased item at the conclusion of the periodic payments necessary to acquire ownership.

(c) A penalty for early termination of a rental-purchase agreement or for the return of an item at any point.

(d) A processing fee of any sort.

(e) A fee for in-home collection of a payment unless the lessee has expressly agreed to the fee and the amount of the fee is disclosed.

(f) A periodic payment or late fee for a rental period beginning after the lessee has returned or surrendered the leased property to the lessor or the lessor's agent.

(g) Any charge or fee for reinstatement of the rental-purchase agreement in addition to or in excess of those expressly permitted in section 8.

History: 1984, Act 424, Eff. Mar. 29, 1985 ;-- Am. 2012, Act 584, Imd. Eff. Jan. 3, 2013

Previous Section
Section 445.956 Prohibited Provisions in Rental-Purchase Agreement.
Next Section
Section 445.958 Failure to Make Timely Periodic Payment; Rights of Lessee; Reinstatement; Late or Delivery Fee; Same or Substitute Item Provided on Reinstatement.