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Michigan Legislature
Michigan Compiled Laws Complete Through PA 178 of 2019
House: Adjourned until Tuesday, January 21, 2020 1:30:00 PM
Senate: Adjourned until Tuesday, January 21, 2020 10:00:00 AM


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NOTE: Dates reflect any modification to item, not necessarily a change in law.

Chapter 438 - MONEY AND INTEREST
R.S. of 1846 ‑ Revised Statutes of 1846 (438.1 - 438.7)
     R‑S‑1846‑438‑1‑34 ‑ CHAPTER 34 Chapter 34. Of Money Of Account, And Of The Interest Of Money, And On Judgments, Verdicts, Etc. (438.1...438.7)
          Section 438.1 ‑ Money of account.
          Section 438.2 ‑ Reduction of monetary units to standard units.
          R‑S‑1846‑438‑1‑34‑INTEREST‑OF‑MONEY. ‑ INTEREST OF MONEY. (438.5...438.5)
               Section 438.5 ‑ Holder in due course; recovery.
          R‑S‑1846‑438‑1‑34‑INTEREST‑ON‑JUDGMENTS-VERDICTS‑ETC. ‑ INTEREST ON JUDGMENTS, VERDICTS, ETC. (438.7...438.7)
               Section 438.7 ‑ Interest on verdicts.
Act 326 of 1966 ‑ INTEREST RATES (438.31 - 438.33)
     Section 438.31 ‑ Legal interest rate; scope; limitation; construction; foreign obligations.
     Section 438.31a ‑ Payment of reasonable and necessary charges in addition to interest; exceptions.
     Section 438.31b ‑ Loan settlement statement.
     Section 438.31c ‑ 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 ‑ Waiver of defense of usury by nonprofit corporation.
     Section 438.32 ‑ Violation of act; attorney fees and court costs, recovery.
     Section 438.33 ‑ Repeal.
Act 259 of 1968 ‑ CRIMINAL USURY (438.41 - 438.42)
     Section 438.41 ‑ Criminal usury; definition; penalty.
     Section 438.42 ‑ Usurious loan records; possession, penalty.
Act 156 of 1891 ‑ Repealed-INTEREST RATES (438.51 - 438.53)
Act 52 of 1970 ‑ EXEMPTION OF LOANS TO BUSINESS ENTITIES FROM USURY STATUTE (438.61 - 438.61)
     Section 438.61 ‑ “Business entity” and “related entity” defined; extension of credit to business entity; agreement in writing to rate of interest.
Act 11 of 1869 ‑ INTEREST ON DUE AND UNPAID INTEREST (438.101 - 438.101)
     Section 438.101 ‑ Interest on due and unpaid interest; rate.
Act 140 of 1861 ‑ INTEREST ON CONTRACTS BETWEEN CITIZENS OF MICHIGAN AND OTHER STATES (438.151 - 438.154)
     Section 438.151 ‑ Interest rate; obligations payable out of state.
     Section 438.152 ‑ Interest valid in this state; defense of usury not available.
     Section 438.153 ‑ Interest valid in this state; lawful to take, reserve, or discount.
     Section 438.154 ‑ Contract made in state or with citizen of state; principal and interest payable out of state; governing law.

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