Michigan Laws 492.103 – Installment seller of motor vehicles; sales finance company; license required
Current as of: 2024 | Check for updates
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Except for a person licensed under the consumer financial services act, a person shall not engage in this state as a principal, employee, agent, or broker in either of the following unless that person is licensed as provided in this act:
(a) The business of an installment seller of motor vehicles under installment sale contracts.
Terms Used In Michigan Laws 492.103
- Person: means an individual, partnership, association, corporation, limited liability company, governmental entity, or any other legal entity. See Michigan Laws 492.102
- Sales finance company: means a person engaged as a principal, agent, or broker in the business of financing or soliciting the financing of installment sale contracts made between other parties, and in the business of acquiring, investing in, or lending money or credit on the security of the retail seller's interest in those contracts whether by discount, purchase, or assignment of those contracts, or otherwise. See Michigan Laws 492.102
- seller: means a person engaged in the business of selling, offering for sale, hiring, or leasing motor vehicles under installment sale contracts or a legal successor in interest to that person. See Michigan Laws 492.102
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(b) The business of a sales finance company.