Section 438.153 – Interest Valid in This State; Lawful to Take, Reserve, or Discount.
438.153 Interest valid in this state; lawful to take, reserve, or discount. Sec. 3. It shall be lawful for all parties loaning money in this State, to take, reserve or discount interest upon any note, bond, bill, draft, acceptance, or other commercial paper, mortgage, or other security, at any rate authorized by the laws of […]
Section 438.154 – Contract Made in State or With Citizen of State; Principal and Interest Payable Out of State; Governing Law.
438.154 Contract made in state or with citizen of state; principal and interest payable out of state; governing law. Sec. 4. When any contract or loan shall be made in this State or between citizens of this State and any other State or country, bearing interest at any rate which was or shall be lawful […]
Section 438.31d – Waiver of Defense of Usury by Nonprofit Corporation.
438.31d Waiver of defense of usury by nonprofit corporation. Sec. 1d. Notwithstanding the provisions of section 78 of Act No. 327 of the Public Acts of 1931, as amended, being section 450.78 of the Compiled Laws of 1948, a charitable, religious or other nonprofit corporation may waive the defense of usury without regard to the […]
Section 438.32 – Violation of Act; Attorney Fees and Court Costs, Recovery.
438.32 Violation of act; attorney fees and court costs, recovery. Sec. 2. Any seller or lender or his assigns who enters into any contract or agreement which does not comply with the provisions of this act or charges interest in excess of that allowed by this act is barred from the recovery of any interest, […]
Section 438.33 – Repeal.
438.33 Repeal. Sec. 3. Act No. 156 of the Public Acts of 1891, as amended, being sections 438.51 to 438.53 of the Compiled Laws of 1948, is repealed. History: 1966, Act 326, Eff. Mar. 10, 1967 Popular Name: Usury Act
Section 438.41 – Criminal Usury; Definition; Penalty.
438.41 Criminal usury; definition; penalty. Sec. 1. A person is guilty of criminal usury when, not being authorized or permitted by law to do so, he knowingly charges, takes or receives any money or other property as interest on the loan or forbearance of any money or other property, at a rate exceeding 25% at […]
Section 438.42 – Usurious Loan Records; Possession, Penalty.
438.42 Usurious loan records; possession, penalty. Sec. 2. A person is guilty of possession of usurious loan records when, with knowledge of the contents thereof, he possesses any writing, paper, instrument or article used to record criminally usurious transactions prohibited by this act. Any person guilty of possession of usurious loan records may be imprisoned […]
Section 438.61 – “Business Entity” and “Related Entity” Defined; Extension of Credit to Business Entity; Agreement in Writing to Rate of Interest.
438.61 “Business entity” and “related entity” defined; extension of credit to business entity; agreement in writing to rate of interest. Sec. 1. (1) As used in this act: (a) “Business entity” means a corporation, trust, estate, partnership, cooperative, or association or a natural person who furnishes to the extender of the credit a sworn statement […]
Section 438.101 – Interest on Due and Unpaid Interest; Rate.
438.101 Interest on due and unpaid interest; rate. Sec. 1. That when any installment of interest upon any note, bond, mortgage or other written contract shall have become due and the same shall remain unpaid, interest may be computed and collected on any such installment so due and unpaid, from the time at which it […]
Repealed – Act 156 of 1891 – Interest Rates (438.51 – 438.53)
INTEREST RATESAct 156 of 1891438.51-438.53 Repealed. 1966, Act 326, Eff. Mar. 10, 1967.