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7 chapters · 19 sections in this title.
Mich. Comp. Laws § 438.151 Interest rate; obligations payable out of state.
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Sec. 1. That it shall be lawful for any person or corporation, borrowing money in this State, to make notes, bills, bonds, drafts, acceptances, mortgages, or other securities, for the payment of principal or interest, at the rates authorized by the laws of this State, payable at …
Mich. Comp. Laws § 438.152 Interest valid in this state; defense of usury not available.
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Sec. 2. No plea of usury, nor defense founded upon an allegation of usury, shall be sustained in any court in this State, nor shall any security be held invalid on an allegation of usury, where the rate of interest reserved, discounted or taken, does not exceed that allowed by th…
Mich. Comp. Laws § 438.153 Interest valid in this state; lawful to take, reserve, or discount.
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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 this State, whether such paper…
Mich. Comp. Laws § 438.154 Contract made in state or with citizen of state; principal and interest payable out of state; governing law.
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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 according to any law of the State of Michigan, it shall and may be lawful to make the amount o…