# Mich. Comp. Laws § 492.103: Installment seller of motor vehicles; sales finance company; license required

> Michigan · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_MI_C492_AAct-27-of-1950-Ex-Sess-_S492.103

## Section

- **Citation:** Mich. Comp. Laws § 492.103
- **Heading:** Installment seller of motor vehicles; sales finance company; license required
- **Jurisdiction:** Michigan
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** MI Code / Chapter 492 / Act Act-27-of-1950-Ex-Sess- / Section 492.103

## Text

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:

The business of an installment seller of motor vehicles under installment sale contracts.

The business of a sales finance company.

History: 1950, Ex. Sess., Act 27, Eff. Mar. 31, 1951; Am. 1988, Act 163, Eff. Sept. 1, 1988

## Nearby sections

- [Mich. Comp. Laws § 492.101 Motor vehicle sales finance act; short title.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C492_AAct-27-of-1950-Ex-Sess-_S492.101.md)
- [Mich. Comp. Laws § 492.102 Definitions.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C492_AAct-27-of-1950-Ex-Sess-_S492.102.md)
- [Mich. Comp. Laws § 492.103 Installment seller of motor vehicles; sales finance company; license required.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C492_AAct-27-of-1950-Ex-Sess-_S492.103.md)
- [Mich. Comp. Laws § 492.104 License; application; form; contents; appointment of statutory agent; service of process; separate application for each place of business; renewal.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C492_AAct-27-of-1950-Ex-Sess-_S492.104.md)
- [Mich. Comp. Laws § 492.105 Bond to accompany first license application; bond applicable to principal place of business; form; penal sum; execution; condition; action on bond; filing new bond or renewal certificate.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C492_AAct-27-of-1950-Ex-Sess-_S492.105.md)
- [Mich. Comp. Laws § 492.106 License; application; fee; abatement in amount of license fee; expiration of license; examination fee; hourly rate and per contract rate; invoice; payment; disposition and use of fees and expenses.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C492_AAct-27-of-1950-Ex-Sess-_S492.106.md)
- [Mich. Comp. Laws § 492.106a Receipt of completed application for new or renewal license; issuance of license within certain time period; report.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C492_AAct-27-of-1950-Ex-Sess-_S492.106a.md)
- [Mich. Comp. Laws § 492.107 License certificate; issuance; posting; license nontransferable and nonassignable; change in business location; notice; amendment of license certificate; fee; operating more than 1 place of business.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C492_AAct-27-of-1950-Ex-Sess-_S492.107.md)
- [Mich. Comp. Laws § 492.108 License; application, rejection, grounds, notice; retention of fee.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C492_AAct-27-of-1950-Ex-Sess-_S492.108.md)
- [Mich. Comp. Laws § 492.109 License; revocation or suspension; grounds; appeal.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C492_AAct-27-of-1950-Ex-Sess-_S492.109.md)
- [Mich. Comp. Laws § 492.110 Investigation and examination of records; access to place of business; required witness attendance; subpoena; forms, rules and regulations.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C492_AAct-27-of-1950-Ex-Sess-_S492.110.md)
- [Mich. Comp. Laws § 492.111 Books, accounts and records; maintenance.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C492_AAct-27-of-1950-Ex-Sess-_S492.111.md)
- [Mich. Comp. Laws § 492.112 Installment sale contract; contents; signatures; buyer's copy; notice; form; delivery acknowledgment; payments; applicability.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C492_AAct-27-of-1950-Ex-Sess-_S492.112.md)
- [Mich. Comp. Laws § 492.113 Installment sale contract; contents; collateral security; notice of legal rights; liability.](https://www.frixlaw.com/law-library/statutes/STATE_MI_C492_AAct-27-of-1950-Ex-Sess-_S492.113.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_MI_C492_AAct-27-of-1950-Ex-Sess-_S492.103. Check the current official text before relying on it. Not legal advice.