445.957 Prohibited requirements.
191 words·~1 min read·
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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 that is in excess or in addition to a normal periodic payment and that 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.
(f)A periodic payment or late fee for a rental period beginning after the lessee has returned or surrendered the leased property to the lessor or the lessor's agent.
(g)Any charge or fee for reinstatement of the rental-purchase agreement in addition to or in excess of those expressly permitted in section 8.
History: 1984, Act 424, Eff. Mar. 29, 1985 ;-- Am. 2012, Act 584 , Imd. Eff. Jan. 3, 2013