How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask JBaxLaw Your Own Question
JBaxLaw
JBaxLaw, Attorney
Category: Business Law
Satisfied Customers: 11331
Experience:  Experienced in business formation and licensing issues
16110456
Type Your Business Law Question Here...
JBaxLaw is online now
A new question is answered every 9 seconds

If you dont charge interest do you need an installment sellers

Resolved Question:

If you don't charge interest do you need an installment sellers lic in mi
Submitted: 5 years ago.
Category: Business Law
Expert:  JBaxLaw replied 5 years ago.
What are you selling? Are you financing, but charging no interest?
Customer: replied 5 years ago.
I am a used car dealer,and yes financing but no interest
Expert:  JBaxLaw replied 5 years ago.
Hello,

I am an expert at JustAnswer and will be assisting you. I would like to address a few important issues before answering your question.

Please note, nothing herein is intended as legal advice, no legal advice is being provided, no attorney-client relationship will be established and only general information is provided so that you may analyze your situation.

ANSWER:

It does not matter if interest is charged. The installment seller's license is required if two or more installment payments are to be made under a contract no matter if interest will be charged. See the following:

http://www.mi.gov/sos/0,4670,7-127-14636-37628--F,00.html

Please feel free to follow-up. These detailed matters are difficult to address in this context because of the vast number of variables. Sometimes the back and forth dialogue can help us sort through those issues. My goal is leave to you with a satisfactory answer..

Please do not forget to accept the answer if the information provided has been satisfactory to this point. Placing a deposit only ensures that the site is paid. I receive no credit if you do not press the accept button. If you have a subscription, there is no additional cost to accept the answer. We can continue our dialogue with additional follow-up questions even after you press the accept button. Last and most importantly, please be so kind as to leave me positive
feedback.


Thank you so much
JBaxLaw and other Business Law Specialists are ready to help you