Michigan § 445.992 - Lease contract for motor vehicle; statement required; signature or initials of lessee.
Full text of Michigan Michigan Compiled Laws § 445.992 — Lease contract for motor vehicle; statement required; signature or initials of lessee., with citation guidance and answers to common questions.
§ 445.992. Lease contract for motor vehicle; statement required; signature or initials of lessee.
A lease contract for a motor vehicle shall have a statement in a separate paragraph in the lease contract or on a separate sheet of paper attached to the lease contract advising the lessee that the early termination payoff balance of the motor vehicle as determined by the lessor may be different than the actual cash value of the motor vehicle as determined by the insurer of the vehicle.
If under the terms of the contract the lessee is required to pay to the lessor the difference between the early termination payoff balance as determined by the lessor and the actual cash value as determined by the insurer, a statement explaining this fact shall be included in the lease contract immediately after the statement required by subsection (1). A space for the signature or initials of the lessee shall appear adjacent to the statement and the lessee shall place his or her signature or initials in that space indicating that he or she has read this statement and understands its content.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 445.992
What does Michigan Compiled Laws § 445.992 cover?
Section 445.992 ("Lease contract for motor vehicle; statement required; signature or initials of lessee.") 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 § 445.992?
A common citation format is "Michigan Compiled Laws § 445.992" (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 § 445.992 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.