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Mich. Comp. Laws § 438.31d

Waiver of defense of usury by nonprofit corporation.

Michigan · Michigan Compiled Laws — INTEREST RATES (Act 326 of 1966) · Status: effective

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Mich. Comp. Laws § 438.31d, Waiver of defense of usury by nonprofit corporation, Michigan, version 1 as recorded 2026-08-18, yourstate.us, https://yourstate.us/provision/1361705
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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.