Title 438, MONEY AND INTEREST

7 chapters · 19 sections in this title.

7 sectionsFiltered byTitle 438 Ch 326-of-1966

Mich. Comp. Laws § 438.31 Legal interest rate; scope; limitation; construction; foreign obligations.
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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 the parties to stipulate in writing for the payment of any rate o…
Mich. Comp. Laws § 438.31a Payment of reasonable and necessary charges in addition to interest; exceptions.
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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 to pay reasonable and …
Mich. Comp. Laws § 438.31b Loan settlement statement.
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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…
Mich. Comp. Laws § 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.