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The time period includes an individual, whether or not licensed under this act, who as a seller finances installment sale contracts for different sellers or gross sales finance corporations. The term includes a monetary establishment.” [MCLA 492.102; MSA 23.628] Emphasis added. Some finance firms lend to shoppers, whereas others make loans to businesses or finance the sales of producers’ merchandise to customers. Because they don’t absorb deposits from the general public, they are not categorized as banks, and they don’t seem to be topic to the strict banking rules.
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The rates of interest on these subprime loans are usually between zero.1 and zero.6 percent greater than prime fee loans, which are the loans given by banks to extra financially certified purchasers. Though this will appear to be a small distinction, these share factors often translate into …