Legal Rate of Interest

Act 6 of 1974, § 202, under LOAN INTEREST AND PROTECTION LAW (USURY LAW).

Act 6 of 1974, § 202

Section 202. Legal Rate of Interest.--Reference in any law or document enacted or executed heretofore or hereafter to "legal rate of interest" and reference in any document to an obligation to pay a sum of money "with interest" without specification of the applicable rate shall be construed to refer to the rate of interest of six per cent per annum.