Mich. Comp. Laws § 445.1209
Home improvement installment contract; provisions as to delinquency and collection charges, court costs and attorney fees.
Michigan · Michigan Compiled Laws — HOME IMPROVEMENT FINANCE ACT (Act 332 of 1965) · Status: effective
Cite this
- Citation
- Mich. Comp. Laws § 445.1209, Home improvement installment contract; provisions as to delinquency and collection charges, court costs and attorney fees, Michigan, version 1 as recorded 2026-08-18, yourstate.us, https://yourstate.us/provision/1362845
- Permanent ID
ys:prov:1362845@1- SHA-256
69128e2a036a8ab581368f2765806084f346a2cf0fe14d405358a12f182d03ec
The hash is SHA-256 of this version's text, with every run of whitespace collapsed to a single space and the ends trimmed. The ID always leads back here, and checking it says whether the text you cited is still the current version.
Full text
A home improvement installment contract may provide for the payment by the buyer of a delinquency and collection charge on each installment in default for a period of not less than 10 days in an amount not in excess of 5% of such installment or $5.00, whichever is less. Only 1 such delinquency and collection charge may be collected on any such installment regardless of the period during which it remains in default. A contract may also provide for the payment of court costs actually incurred and of attorney's fees not exceeding 20% of the amount due and payable under such contract if the attorney is not a salaried employee of the contractor or holder for collection.