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Michigan
Retail Installment Contract and Security Agreement

Michigan Retail Installment Contract and Security Agreement

Category:

Loans and Lending - Retail Installment Contracts

State:

Multi-State

Control #:

US-01496BG

Format:

Instant download

Description

In a retail installment sale to a consumer as defined by Regulation Z of the Federal Trade Commission (FTC), the creditor must make the disclosures required by Regulation Z clearly and conspicuously in writing, in a form that the consumer may keep. The disclosures must be grouped, must be segregated from everything else, and must not contain any information not directly related to the disclosures required by Regulation Z (although the disclosures may include an acknowledgment of receipt, the date of the transaction, and the consumer's name, address, and account number). 12 C.F.R. § 226.17(a)(1). Regulation Z sets forth several closed-end model forms and clauses which illustrate other formats for these disclosures. 12 C.F.R. Part 226, Appendix H.

A federal notice regarding preservation of the consumer's claims and defenses is
required on all consumer credit contracts by Federal Trade Commission regulation. 16
C.F.R. § 433.2. The notice must appear in at least 10- point, bold face, type or print and
must be worded as shown if the form.

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How to fill out Retail Installment Contract And Security Agreement?

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FAQ

A retail installment contract and security agreement is a specific type of contract used in retail sales, where the buyer agrees to make payments over time and provides security for the seller in case of default.

A retail installment contract is one where the lender maintains title to the property, such as a car, and the borrower has use of the property and makes regular installment payments toward the purchase of the property. It is often used in the purchase of motor vehicles.

A contract is only legally binding if it is mutually beneficial to both parties involved. This is commonly referred to as consideration. When a party promises to do something without getting something in return, the deal will usually be unenforceable in court.

Any contract for the sale or transfer of real estate must be in writing in order for it to be enforceable. This is the law in Michigan and most, if not all, other states. Leases lasting longer than one year must also be in writing.

A retail installment sale is a transaction between you and a dealer to purchase a vehicle where, you agree to pay the dealer over time, paying both the value of the vehicle plus interest. A dealer can sell the retail installment contract to a lender or other party.

An installment contract (also called a land contract or articles of agreement for warranty deed or contract for deed) is an agreement between a real estate seller and buyer, under which the buyer agrees to pay to the seller the purchase price plus interest in installments over a set period of time.

Installment contract. n. an agreement in which payments of money, delivery of goods or performance of services are to be made in a series of payments, deliveries or performances, usually on specific dates or upon certain happenings.

Act 224 of 1966 AN ACT to regulate retail installment sales transactions, agreements, charges and disclosures; and to provide for the enforcement thereof and penalties for violations.