Section 445.957 - Prohibited requirements. - Michigan Statutes

RENTAL-PURCHASE AGREEMENT ACT (EXCERPT)
Act 424 of 1984

445.957 Prohibited requirements.

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 which is in excess or in addition to a normal periodic payment and which 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.

History: 1984, Act 424, Eff. Mar. 29, 1985