Mich. Comp. Laws » Michigan Compiled Laws / Chapter 445 / Act 224 of 1966
Michigan Compiled Laws

Mich. Comp. Laws § 445.857 (2026)

Time price differential; limitation; computation; minimum time price differential.

✓ current as of July 2026
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RETAIL INSTALLMENT SALES ACT


Act 224 of 1966


445.857 Time price differential; limitation; computation; minimum time price differential.

Sec. 7.

    A retail installment contract may provide for, and the seller or holder may then charge, collect, and receive a time price differential that does not exceed the rate of interest or its equivalent permitted a regulated lender by the credit reform act. The time price differential may be computed on the basis of a full month for a fractional portion of a month in excess of 10 days. A minimum time price differential of not more than $10.00 may be charged, received, and collected on each contract, whether or not the contract is prepaid.

History: 1966, Act 224, Eff. Mar. 10, 1967 ;-- Am. 1978, Act 97, Imd. Eff. Apr. 5, 1978 ;-- Am. 1995, Act 167, Eff. Mar. 28, 1996

Notes of Decisions
Cited in 4 cases, 1969–1999 · leading case: In Re Dow Corning Corp., 237 B.R. 380 (Bankr. E.D. Mich. 1999).
Sort: Relevance Newest Treatment
In Re Dow Corning Corp., 237 B.R. 380 (Bankr. E.D. Mich. 1999). · cites it 2× “101 (interest on unpaid interest accrues at 7%, though parties can agree to pay up to 10%); Mich.Comp. Laws § 445.857 (retail installment contract can carry the rate of interest a regulated lender is permitted to charge pursuant to the “credit reform act” found at Mich.”
Silver v. Int'l Paper Co., 192 N.W.2d 535 (Mich. Ct. App. 1971). · cites it 2× “5 MCLA § 445.857 (Stat Ann 1971 Cum Supp § 19.”
JW Knapp Co. v. Sinas, 172 N.W.2d 867 (Mich. Ct. App. 1969). · cites it 2× “See, also, Anno: Advance in Price for Credit Sale as Compared with Cash Sale as Usury, 14 ALR3d 1058; Applicability of State Usury Laws to Installment Sales, 62 Mich L Rev 1268 (1964); Section 12 of the Retail Installment Sales Act (PA 1966, No 224 [MCLA §§ 445.857, 445.862,…”
Corrigan v. Insilco Corp., 439 N.W.2d 350 (Mich. Ct. App. 1989). · cites it 2× “, which allows an interest rate of up to ten percent per annum pursuant to MCL 445.857(l)(b); MSA 19.416(107)(l)(b) on a retail installment sales contract.”
— Mich. Comp. Laws § 445.857(l)(b) — 1 case
Corrigan v. Insilco Corp., 439 N.W.2d 350 (Mich. Ct. App. 1989). “, which allows an interest rate of up to ten percent per annum pursuant to MCL 445.857(l)(b); MSA 19.416(107)(l)(b) on a retail installment sales contract.”
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