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MICHIGAN-UNIVERSAL C.I.T. CREDIT CO. v. SCHAEFER

Docket No. 2,307.

10 Mich. App. 604 (1968)

157 N.W.2d 332

MICHIGAN-UNIVERSAL C.I.T. CREDIT COMPANY v. SCHAEFER.

Michigan Court of Appeals.

Decided April 2, 1968.

Attorney(s) appearing for the Case

McGraw, Allen, Haass & Selander (Chester C. Lawrence, of counsel), for plaintiff.

Bodman, Longley, Bogle, Armstrong & Dahling (James T. Heimbuch, of counsel), for defendant.

LEVIN, J.

The regulatory loan act of 1963, regulating the business of making loans of $1,000 or less, requires a licensed lender to deliver to the borrower (i) at the time the loan is made, a statement containing specified details of the transaction upon which statement there is required to be printed a copy of section 13 of the act, and (ii) at the time of each payment by the borrower on account of the loan, a receipt for that payment.1

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