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Home » US Law » 2022 Michigan Compiled Laws » Chapter 438 - Money and Interest » Act 52 of 1970 - Exemption of Loans to Business Entities From Usury Statute (438.61 - 438.61)

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 […]