492.103 Installment seller of motor vehicles; sales finance company; license required. 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: (a) The business of an installment seller of motor vehicles under installment sale contracts. (b) 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
Michigan Legal Code