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.
Mich. Comp. Laws § 492.103
Installment seller of motor vehicles; sales finance company; license required
Applied in 3 court decisions — leading case 257 Mich. App. 303 - King v. Ford Motor Credit Co. (2003)
Most recently applied in 444 F. Supp. 2d 763 - Gillom v. Ralph Thayer Automotive Livonia, Inc. (August 2006)
1950, Ex
Official source: Michigan Legislature. Reproduced from public-domain Michigan statutes; confirm against the official source for the current text. Not legal advice.