Michigan § 445.954 - Amount necessary to acquire ownership; amount applied toward purchase price.
Full text of Michigan Michigan Compiled Laws § 445.954 — Amount necessary to acquire ownership; amount applied toward purchase price., with citation guidance and answers to common questions.
§ 445.954. Amount necessary to acquire ownership; amount applied toward purchase price.
The amount to be paid by the lessee to acquire ownership as disclosed in section 3(j) shall not be greater than the cash price as disclosed under section 3(k) minus an amount equal to 45% of all periodic rental payments made by the lessee.
If at any time an amount equal to 45% of the total periodic rental payments paid by the lessee to the lessor equals the cash purchase price disclosed under section 3(k), then the lessee shall acquire ownership of the rental property.
This section shall not prohibit a lessor from offering a rental purchase agreement which provides that an amount equal to 45% or more of the periodic rental payments is applied toward the purchase price disclosed in section 3(k).
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 445.954
What does Michigan Compiled Laws § 445.954 cover?
Section 445.954 ("Amount necessary to acquire ownership; amount applied toward purchase price.") 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 § 445.954?
A common citation format is "Michigan Compiled Laws § 445.954" (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 § 445.954 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.