Mich. Comp. Laws § 445.1857
Fees or charges servicing extension of credit; charge, collection, and receipt by depository institution; credit card arrangement fees and charges considered as interest; excessive fee or charge.
Michigan · Michigan Compiled Laws — CREDIT REFORM ACT (Act 162 of 1995) · Status: effective
Cite this
- Citation
- Mich. Comp. Laws § 445.1857, Fees or charges servicing extension of credit; charge, collection, and receipt by depository institution; credit card arrangement fees and charges considered as interest; excessive fee or charge, Michigan, version 1 as recorded 2026-08-18, yourstate.us, https://yourstate.us/provision/1363079
- Permanent ID
ys:prov:1363079@1- SHA-256
81f35e009ef4b60f0aea0302cd316f387168bcd093c776f9a629b8d79c93d531
The hash is SHA-256 of this version's text, with every run of whitespace collapsed to a single space and the ends trimmed. The ID always leads back here, and checking it says whether the text you cited is still the current version.
Full text
(1) In addition to the interest or finance charges that are authorized under section 4, a depository institution may charge, collect, and receive from a borrower or buyer all fees and charges that are agreed to or accepted by the borrower or buyer including those relating to making, closing, processing, disbursing, extending, committing to extend, readjusting, renewing, collecting payments upon, or otherwise servicing an extension of credit or any occurrence or transaction related to an extension of credit.
(2) For any credit card arrangement, all fees and charges allowed by this section are considered interest.
(3) A depository institution shall not require a borrower or buyer to pay an excessive fee or charge.