Michigan § 445.857 - Time price differential; limitation; computation; minimum time price differential.
Full text of Michigan Michigan Compiled Laws § 445.857 — Time price differential; limitation; computation; minimum time price differential., with citation guidance and answers to common questions.
§ 445.857. Time price differential; limitation; computation; minimum time price differential.
A retail installment contract may provide for, and the seller or holder may then charge, collect, and receive a time price differential that does not exceed the rate of interest or its equivalent permitted a regulated lender by the credit reform act. The time price differential may be computed on the basis of a full month for a fractional portion of a month in excess of 10 days. A minimum time price differential of not more than $10.00 may be charged, received, and collected on each contract, whether or not the contract is prepaid.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 445.857
What does Michigan Compiled Laws § 445.857 cover?
Section 445.857 ("Time price differential; limitation; computation; minimum time price differential.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 445.857?
A common citation format is "Michigan Compiled Laws § 445.857" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 445.857 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.