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2021 Michigan Compiled Laws
Chapter 438 - Money and Interest
Act 326 of 1966 - Interest Rates (438.31 - 438.33)
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
- 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.
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