Michigan Compiled Laws Act 326 Of 1966 Interest Rates (438.31 - 438.33)

AN ACT to regulate the rate of interest of money; to provide exceptions; to prescribe the rights of parties; and to repeal certain acts and parts of acts.

History: 1966, Act 326, Eff. Mar. 10, 1967
Popular Name: Usury Act

Section 438.31 Legal Interest Rate; Scope; Limitation; Construction; Foreign Obligations.
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...
Section 438.31a Payment Of Reasonable And Necessary Charges In Addition To Interest; Exceptions.
A state or national bank, except as federal law and regulation provide otherwise, insurance company, or lender approved as a mortgagee under the national...
Section 438.31b Loan Settlement Statement.
A state or national bank, insurance company, or lender approved as a mortgagee under the national housing act or regulated by a federal agency,...
Section 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.
(1) Interest charged by a broker or dealer registered under title I of the securities exchange act of 1934, chapter 404, 48 Stat. 881,...
Section 438.31d Waiver Of Defense Of Usury By Nonprofit Corporation.
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...
Section 438.32 Violation Of Act; Attorney Fees And Court Costs, Recovery.
Any seller or lender or his assigns who enters into any contract or agreement which does not comply with the provisions of this act...
Section 438.33 Repeal.
Act No. 156 of the Public Acts of 1891, as amended, being sections 438.51 to 438.53 of the Compiled Laws of 1948, is repealed....

Last modified: October 10, 2016