Mich. Comp. Laws » Michigan Compiled Laws / Chapter 492 / Act 27 of 1950 (Ex. Sess.)
Michigan Compiled Laws

Mich. Comp. Laws § 492.103 (2026)

Installment seller of motor vehicles; sales finance company; license required.

✓ current as of July 2026
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MOTOR VEHICLE SALES FINANCE ACT


Act 27 of 1950 (Ex. Sess.)


492.103 Installment seller of motor vehicles; sales finance company; license required.

Sec. 3.

    Except for a person licensed under the consumer financial services act, a person shall not engage in this state as a principal, employee, agent, or broker in either of the following unless that person is licensed as provided in this act:

    (a) The business of an installment seller of motor vehicles under installment sale contracts.

    (b) The business of a sales finance company.

History: 1950, Ex. Sess., Act 27, Eff. Mar. 31, 1951 ;-- Am. 1988, Act 163, Eff. Sept. 1, 1988

Notes of Decisions
Cited in 3 cases, 2003–2006 · leading case: King v. Ford Motor Credit Co., 668 N.W.2d 357 (Mich. Ct. App. 2003).
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King v. Ford Motor Credit Co., 668 N.W.2d 357 (Mich. Ct. App. 2003). “MCL 492.103. An application for a *317 license to engage in installment sales must be in writing to the administrator, MCL 492.”
Calkins v. Midland Funding NCC-2 Corp., 412 F. Supp. 2d 699 (W.D. Mich. 2006). · cites it 2× “Mich. Comp. Laws § 492.103 . There appears to be no contention that Midland Funding is an “installment seller,” and thus the only way Midland Funding falls under the purview of the MVSFA is if it is engaged “as a principal, employee, agent, or broker” in “[t]he business of a…”
Gillom v. Ralph Thayer Auto. Livonia, Inc., 444 F. Supp. 2d 763 (E.D. Mich. 2006). “2d 357, 365 (2003) (citing MCL 492.103). The Act clearly provides for the “ ‘right of repossession of a motor vehicle’ as long as the vehicle is repossessed in accordance with § 9503 of the Uniform Commercial Code (UCC), Mich.”
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