Mich. Comp. Laws § 445.859

Current through Public Act 156 of the 2024 Legislative Session

Section 445.859 - Installment contract or retail charge agreement; delinquency and collection charge

The holder of an installment contract or retail charge agreement, or retail charge agreement including a contract subject to section 23, if it so provides, may collect a delinquency and collection charge on each installment in default for a period of more than 10 days. A delinquency and collection charge is not a liquidated damage.

MCL 445.859

1966, Act 224, Eff. 3/10/1967 ;--Am. 1993, Act 112, Eff. 9/19/1993 ;--Am. 1995, Act 167, Eff. 3/28/1996 .