Michigan Compiled Laws Act 52 Of 1970 Exemption Of Loans To Business Entities From Usury Statute (438.61 - 438.61)

AN ACT to exempt loans to business entities from the provisions of the usury statute.

History: 1970, Act 52, Imd. Eff. July 10, 1970

Section 438.61 “business Entity” And “related Entity” Defined; Extension Of Credit To Business Entity; Agreement In Writing To Rate Of Interest.
(1) As used in this act: (a) “Business entity” means a corporation, trust, estate, partnership, cooperative, or association or a natural person who furnishes...

Last modified: October 10, 2016