Mich. Admin. Code R. 125.1402 - Accounts and records; record of homes bought, sold, or exchanged; content; application for certificate of manufactured home ownership; purchase agreement; retention of additional records; consumer deposit records; accounts and records inspection; bond, cash, or security deposit records
Rule 402.
(1) In
addition to accounts and records that are required by local ordinances, by
other laws, or as prescribed elsewhere in these rules, a retailer shall
maintain a record of all homes bought, sold, or exchanged for 4 years. The
record shall include all of the following entries:
(a) The date each home is taken into
inventory.
(b) The name and address
of the person from whom the home was obtained.
(c) The purchase or stock number of the
home.
(d) The identification number
of the home.
(e) The manufacturer's
trade name.
(f) The year of
manufacture and model name or number of the home.
(g) The dates bought, sold, and exchanged,
(h) The name and address of the
purchaser.
(2) If a
retailer is selling or brokering the home, except to another retailer that will
be holding the home for resale, the retailer or its authorized representative
shall prepare and file an application for a certificate of manufactured home
ownership, which shall include any lien held against the home. If a retailer is
selling or brokering the sale of a home that it was holding for resale, except
to another retailer that will be holding the home for resale, it shall also
file the application for a certificate of manufactured home ownership. The
application shall be on a form prescribed by the department.
(3) All sales of a home shall be executed by
purchase agreement.
(4) A retailer
shall retain all of the following documents for 4 years:
(a) A copy of the manufacturer's invoice for
each new home.
(b) A copy of each
purchase agreement, as defined in these rules, with any attachments needed to
complete the purchase agreement for each home bought, sold, and
exchanged.
(c) The retailer's copy
of the validated application for a certificate of manufactured home
ownership.
(d) Service records for
each home sold. If the home is pre-owned, all records that the retailer may
have knowledge of shall be retained.
(e) A list of all options purchased with a
specific home, unless otherwise contained in the purchase agreement.
(f) A copy of the retail installment sales
agreement for all retailer-arranged financing.
(5) A retailer that maintains an escrow
account shall maintain a separate record of consumer deposits at its principal
place of business for 4 years. The records shall consist of all of the
following:
(a) A record that shows the
chronological sequence in which consumer deposits are received and
disbursed.
(b) For consumer
deposits received, the record shall include all of the following information:
(i) The date of receipt.
(ii) The name of the individual who is giving
the consumer deposit,
(iii) The
name of the individual receiving the consumer deposit,
(iv) The amount.
(c) If the consumer deposit is in the form of
collateral or security other than cash or a cash negotiable instrument, then
the record shall specifically identify the collateral or security, and the cash
value shall be the same as contained in the purchase agreement.
(d) For disbursements, the record shall
include all of the following information:
(i)
The date.
(ii) The payee.
(iii) The check number.
(iv) The amount.
(e) A running balance shall be shown after
each entry of receipt and disbursement.
(6) A retailer who maintains a bond, cash, or
security deposits in place of an escrow account shall maintain a record for 4
years consisting of the following:
(a) For
consumer deposits received, the record shall include all of the following
information:
(i) The date of
receipt.
(ii) The name of the
individual who is giving the consumer deposit,
(iii) The name of the individual receiving
the consumer deposit,
(iv) The
amount.
(b) If the
consumer deposit is collateral or security other than cash or a cash negotiable
instrument, then the record shall specifically identify the collateral or
security, and the cash value shall be the same as contained in the purchase
agreement.
(c) For disbursements,
the record shall include all of the following information:
(i) The date.
(ii) The payee.
(iii) The check number.
(iv) The amount.
(7) The retail installment
contract shall disclose all arrangements made between the retailer and the
consumer regarding the consumer deposit, such as any of the following:
(a) Trade-ins.
(b) Rebates.
(c) Promissory notes.
(d) Cash.
Notes
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