2011 Michigan Compiled Laws
Chapter 450 — CORPORATIONS
Act 284 of 1972 — BUSINESS CORPORATION ACT (450.1101 - 450.2099)
284-1972-2 — CHAPTER 2 FORMATION; PURPOSES AND POWERS (450.1201...450.1275)
Section 450.1275 — Agreement to pay 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 or in furtherance of a business enterprise, may by agreement in writing, and not otherwise, agree to pay a rate of interest in excess of the legal rate and the defense of usury shall be prohibited.

History: 1972, Act 284, Eff. Jan. 1, 1973 ;-- Am. 1989, Act 121, Eff. Oct. 1, 1989