Michigan § 445.952 - Definitions.
Full text of Michigan Michigan Compiled Laws § 445.952 — Definitions., with citation guidance and answers to common questions.
§ 445.952. Definitions.
As used in this act:
"Lessee" means a person who leases property pursuant to a rental-purchase agreement.
"Lessor" means a person who, in the ordinary course of business, regularly leases, offers to lease, or arranges for the leasing of property under a rental-purchase agreement.
"Period" means a day, week, 1 month, or other subdivision of a year.
"Rental-purchase agreement" means an agreement for the use of personal property by a lessee primarily for personal, family, or household purposes, for an initial period of 4 months or less that is automatically renewable with each payment after the initial period and that permits the lessee to become the owner of the property. Rental-purchase agreements shall not include any of the following:
A lease or agreement which constitutes a credit sale as defined in 12 C.F.R. 226.2(a)(16) and section 1602(g) of the truth in lending act, 15 U.S.C. 1602(g).
A lease which constitutes a consumer lease as defined in 12 C.F.R. 213.2(a)(6).
Any lease for agricultural, business, or commercial purposes.
Any lease made to an organization.
Any lease of money or intangible personal property.
A lease or agreement which constitutes a retail installment transaction as defined in section 2 of the retail installment sales act, Act No. 224 of the Public Acts of 1966, being section 445.852 of the Michigan Compiled Laws.
Frequently Asked Questions About Michigan § 445.952
What does Michigan Compiled Laws § 445.952 cover?
Section 445.952 ("Definitions.") 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 § 445.952?
A common citation format is "Michigan Compiled Laws § 445.952" (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 § 445.952 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.