MCL - 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
| 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. |