2006 Michigan Compiled Laws - Mich. Comp. Laws § 450.2275 Agreement to pay rate of interest in excess of legal rate; defense of usury prohibited.

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



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