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Act 326 of 1966
AN ACT to regulate the rate of interest of money; to provide exceptions; to prescribe the rights of parties; and to repeal certain acts and parts of acts.
History: 1966, Act 326, Eff. Mar. 10, 1967
Popular Name: Usury Act
© 2009 Legislative Council, State of Michigan
The People of the State of Michigan enact:
|Section 438.31||Section||Legal interest rate; scope; limitation; construction; foreign obligations.
|Section 438.31a||Section||Payment of reasonable and necessary charges in addition to interest; exceptions.
|Section 438.31b||Section||Loan settlement statement.
|Section 438.31c||Section||Interest charged by securities broker or dealer for carrying debit balance in customer account; written agreement for payment of interest on evidence of indebtedness; prohibitions when security is single-family dwelling unit; validity of transaction or rate of interest; limitation on rate of interest; loans to which subsection (2) applicable; mortgage loans or land contracts by lenders or vendors not qualified under subsection (5); rate of interest on purchase money mortgage or second mortgage; interest on extension of credit secured by lien on mobile home; interest not to be added or deducted in advance; computation of interest; injunction; agreement by certain parties for payment of interest; interest charged by certain trusts excepted; interest bearing deposit account; limitation; maintaining interest bearing account as condition of making mortgage loan or land contract providing for biweekly payments.
|Section 438.31d||Section||Waiver of defense of usury by nonprofit corporation.
|Section 438.32||Section||Violation of act; attorney fees and court costs, recovery.