Credit sale definition

means an extension of credit for the sale of goods or services by a seller that is subject to the home improvement finance act, Act No. 332 of the Public Acts of 1965, being sections 445.1101 to 445.1431 of the Michigan Compiled Laws, or the motor vehicle sales finance act, Act No. 27 of the Public Acts of the Extra Session of 1950, being sections 492.101 to 492.141 of the Michigan Compiled Laws.

means a sale of goods, services, or an interest in land in which all of the following are applicable:

means a sale in which the seller is a creditor. The term includes a bailment or lease (unless terminable without penalty at any time by the consumer) under which the consumer:

Examples of Credit sale in a sentence

• Credit sale" means the sale of a dwelling or residential real estate purchased for a personal, family or household purpose in which credit is extended by the seller and either the debt is payable in installments or a finance charge is made.[PL 2011, c.
• Credit sale contracts that consolidate amounts due under other such contracts, content and rescission of (1) This section applies to a credit sale contract that provides for the consolidation of the amount payable under the contract with the net balance due to the credit provider (at the time the contract is entered into) under another credit sale contract (not being a credit sale contract in relation to which there is a mortgage) that is discharged upon the entering into of the first‑mentioned contract.
• Part III — Regulated contractsDivision 1 — Credit sale contracts and loan contracts30.
• Part III — Regulated contracts Division 1 — Credit sale contracts and loan contracts 30.
• Regulated contracts Division 1 — Credit sale contracts and loan contracts 30.

More Definitions of Credit sale

means a sale in which the seller is a creditor. The term in- cludes a bailment or lease (unless ter- minable without penalty at any time by the consumer) under which the con- sumer:

means a sale products, services or an interest in land to a person on credit where a debt is payable in installments or a finance charge is imposed and includes any agreement in the form of a bailment of products or lease of products or real property if the bailee or lessee pays or agrees to pay compensation for use a sum substantially equivalent to or in excess of the aggregate value of the products or real property involved and it is agreed that the bailee or lessee will become, or for no other or a nominal consideration has the option to become, the owner of the products or real property upon full compliance with the terms of the agreement.