NONPROFIT CORPORATION ACT (EXCERPT)
Act 162 of 1982
450.2275 Agreement to pay rate of interest in excess of legal rate; defense of usury prohibited.
Sec. 275.
A domestic or foreign corporation, whether or not formed at the request of a lender, may by agreement in writing, and not otherwise, agree to pay a rate of interest in excess of the legal rate and in such case the defense of usury is prohibited.
History: 1982, Act 162, Eff. Jan. 1, 1983
© 2009 Legislative Council, State of Michigan
