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 amount borrowed.
History: Add. 1971, Act 94, Imd. Eff. Aug. 16, 1971
Popular Name: Usury Act
Last modified: October 10, 2016