Michigan State AFIP Exam
Installment sale and consumer lease agreements must be available in English. - Answer-True
Before taking any collection against the _____ the creditor has to send the ____, by first class mail, a
notice indigating the primary obligor has become delinquient and the _____ is responsible for payment
obligation. - Answer-cosigner
When it comes to document prep fees they are permitted if charged for both cash and credit sales. They
cannot exceed _______ - Answer-5% of cash price or $220, whichever is less.
The state of MI imposes installment sales contract it has to include the following: - Answer-1. Do not
sign this contract if it's blank
2. You are entitled to a true copy of the contract you signed without charge.
3. Warning: The insurance hereunder does not cover liability to persons or damage to property unless
indicated heron
The seller or sellers agent is required to sign the contract at the time the buyer signs it - Answer-True
The seller or sellers agent MUST give the buyer a copy of the executed contract at the time the contract
is executed. - Answer-True
Installment sale and consumer lease agreements must be available in English. - Answer-True
Before taking any collection against the _____ the creditor has to send the ____, by first class mail, a
notice indigating the primary obligor has become delinquient and the _____ is responsible for payment
obligation. - Answer-cosigner
When it comes to document prep fees they are permitted if charged for both cash and credit sales. They
cannot exceed _______ - Answer-5% of cash price or $220, whichever is less.
The state of MI imposes installment sales contract it has to include the following: - Answer-1. Do not
sign this contract if it's blank
2. You are entitled to a true copy of the contract you signed without charge.
3. Warning: The insurance hereunder does not cover liability to persons or damage to property unless
indicated heron
The seller or sellers agent is required to sign the contract at the time the buyer signs it - Answer-True
The seller or sellers agent MUST give the buyer a copy of the executed contract at the time the contract
is executed. - Answer-True
