Mich. Comp. Laws § 450.1275
Agreement to pay interest in excess of legal rate; defense of usury prohibited.
Michigan · Michigan Compiled Laws — BUSINESS CORPORATION ACT (Act 284 of 1972) · Status: effective
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- Citation
- Mich. Comp. Laws § 450.1275, Agreement to pay interest in excess of legal rate; defense of usury prohibited, Michigan, version 1 as recorded 2026-08-18, yourstate.us, https://yourstate.us/provision/1363600
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Full text
A domestic or foreign corporation, whether or not formed at the request of a lender or in furtherance of a business enterprise, may by agreement in writing, and not otherwise, agree to pay a rate of interest in excess of the legal rate and the defense of usury shall be prohibited.