Section 438.31 – Legal Interest Rate; Scope; Limitation; Construction; Foreign Obligations.

438.31 Legal interest rate; scope; limitation; construction; foreign obligations. Sec. 1. The interest of money shall be at the rate of $5.00 upon $100.00 for a year, and at the same rate for a greater or less sum, and for a longer or shorter time, except that in all cases it shall be lawful for […]

Section 438.31a – Payment of Reasonable and Necessary Charges in Addition to Interest; Exceptions.

438.31a Payment of reasonable and necessary charges in addition to interest; exceptions. Sec. 1a. A state or national bank, except as federal law and regulation provide otherwise, insurance company, or lender approved as a mortgagee under the national housing act, 12 U.S.C. 1701 to 1750g, or regulated by a federal agency, may require a borrower […]

Section 438.31b – Loan Settlement Statement.

438.31b Loan settlement statement. Sec. 1b. A state or national bank, insurance company, or lender approved as a mortgagee under the national housing act or regulated by a federal agency, shall furnish a loan settlement statement to a borrower upon closing of the loan, indicating in detail the charges the borrower has paid or obligated […]

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.

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 […]

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