Michigan-Universal C.I.T. Credit Co. v. Schaefer

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

In this suit by the plaintiff-appellee, Michigan-Universal C.I.T. Credit Company, the trial court rejected the defense of defendant-appellant, John H. Schaefer, based…