{"data":{"id":"us-mi/mich.-comp.-laws-445.858","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 445.858","heading":"Prepayment of unpaid balance; amount of refund credit.","body":"Sec. 8.\n\nNotwithstanding contrary provisions of a retail installment contract, a buyer may prepay in full the unpaid balance of the retail installment contract at any time before its final due date and, if the buyer does so, shall receive a refund credit for the prepayment, except as provided in section 23. The amount of the refund credit shall not be less than the amount that would be refunded using the actuarial method.\n\nA refund credit of less than $1.00 need not be made.","path":["MI Code","Chapter 445","Act Act-224-of-1966"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-445-858","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"2f2ed0347fc89d1e40dda283bbcadc64325fb2a9b9dddd04c1f59c7d84246a71","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-445.857","next":"us-mi/mich.-comp.-laws-445.859"},"notice":"GroundRules: Original legal text. Not legal advice."}