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Michigan Interest Rates Laws
More Information on Interest Rate Laws
| Legal Maximum Rate of Interest | 5%; maximum rate with written agreement: 7% §438.31 |
| Penalty for Usury (Unlawful Interest Rate) | Loss of all interest, official fees, delinquency or collection charge, attorney's fees or court costs (§438.32) |
| Interest Rates on Judgments | Rate of interest equal to 1% plus the average interest paid at auctions of 5-yr. U.S. treasury notes during the 6 months preceding July 1 and January 1 (§600.6013) |
| Exceptions | Small loans (§493.1); credit union loans (§490.14) |
Note: State laws are constantly changing -- contact an attorney or conduct your own legal research to verify the state law(s) you are researching.
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- Official State Codes - Links to the official online statutes (laws) in all 50 states and DC.
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