{"data":{"id":"us-mi/mich.-comp.-laws-445.1308","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 445.1308","heading":"Subsequent sale; memorandum, contents.","body":"Sec. 308.\n\nWhen a subsequent home improvement installment sale is made, the contractor shall deliver to the buyer, at the time the contract is executed, a memorandum which shall set forth the following with respect to the subsequent sale:\n\nThe name and place of business of the contractor, the name and address of the buyer, as specified by the buyer, the location of the premises to be improved, and a description of the goods and services sufficient to identify them.\n\nThe cash price of the goods and services which are the subject matter of the subsequent sale.\n\nThe amount of the buyer's down payment, in respect of the subsequent sale, itemizing any allowance given by the contractor, amounts paid in money and in goods and containing a brief description of the goods, if any, traded in.\n\nThe unpaid cash balance which is the difference between item (b) and item (c).\n\nThe premium paid for each type of insurance, if any, included in the subsequent sale for which a separate charge is made, a statement as to whether the insurance is to be procured by the contractor or buyer and a brief description of each type of coverage and the term thereof.\n\nThe amount of official fees, if any, in respect of the subsequent sale.\n\nThe principal amount financed in respect of the subsequent sale which is the sum of items (d), (e) and (f).\n\nThe unpaid time balance of the prior contract or contracts.\n\nThe amount of any refund credit in respect of the prior contract or contracts.\n\nItem (h) less item (i).\n\nThe premiums paid for any additional insurance and the cost of official fees in respect of the prior contract or contracts, a statement as to whether the insurance is to be procured by the contractor or buyer, and a brief description of each type of coverage and the term thereof.\n\nThe total principal amount financed, which is the sum of items (g), (j) and (k).\n\nThe amount of the finance charge expressed in dollars.\n\nThe consolidated time balance, which is the sum of items ( l ) and (m), payable by the buyer to the contractor, the number of installments required, the amount of each installment expressed in dollars and the due date or period thereof.\n\nIf any installment substantially exceeds in amount any prior installment other than the down payment, the following legend printed in 10-point bold type or typewritten and underlined: This contract (\"memorandum\") is not payable in installments of equal amounts.\n\nFollowed, if there be but one larger installment by:\n\nAn installment of $............ will be due on .............., or if there be more than 1 larger installment, by: Larger installments will be due as follows: .............. (insert the amount or amounts of every larger installment and its due date).\n\nThe items need not be stated in the sequence or order set forth above. Additional items may be included to explain the computations made in determining the amount to be paid by the buyer. The memorandum need not make any reference to items (e), (f) or (k) if a charge for the item is not included. The memorandum shall contain the statement that the contractor is adding the subsequent home improvement installment sale to the buyer's existing contract in accordance with the provisions thereof. Until the contractor delivers to the buyer the memorandum as provided in this section, the buyer shall not be obligated to pay any installment due.","path":["MI Code","Chapter 445","Act Act-332-of-1965"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-445-1308","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"53918a959c354617f1f132ef04a629f4506daadf2d7ceffb1ca2be62942bae6b","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-445.1307","next":"us-mi/mich.-comp.-laws-445.1309"},"notice":"GroundRules: Original legal text. Not legal advice."}