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Michigan Compiled Laws, Chapter 328. Dead Human Bodies § 328.226

Current as of February 09, 2022 | Updated by FindLaw Staff

Sec. 16. (1) A prepaid contract that is not in writing is voidable by any party to the prepaid contract.

(2) A prepaid contract made in violation of this act or with a person who is not registered pursuant to section 6  1is voidable by the contract buyer or by a personal representative of the contract beneficiary.

(3) The parties to a prepaid contract may agree in writing for the payment of a rate of interest not to exceed 10.5% per annum with the following conditions:

(a) A prepaid contract made under this act shall not provide for a rate of interest added or deducted in advance. Interest shall be computed from time to time only on the basis of unpaid balances.

(b) A prepaid contract made under this act shall not provide that the rate of interest initially effective may be increased for any reason.

(c) A contract seller shall not impose any fees or charges in addition to interest in connection with the financing of a prepaid contract.

(4) A contract seller shall not offer financing or offer to obtain financing of a prepaid contract under terms and conditions other than allowed by this section.

1 M.C.L.A. § 328.216.
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Cite this article: FindLaw.com - Michigan Compiled Laws, Chapter 328. Dead Human Bodies § 328.226 - last updated February 09, 2022 | https://codes.findlaw.com/mi/chapter-328-dead-human-bodies/mi-comp-laws-328-226/

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