MCL - Act 326 of 1966


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

The People of the State of Michigan enact:
Document Type Description
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.
Section 438.33 Section Repeal.