NONPROFIT CORPORATION ACT (EXCERPT)
Act 162 of 1982
450.2275 Agreement to pay rate of interest in excess of legal rate; defense of usury prohibited.Sec. 275.
A domestic corporation 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 is prohibited from asserting the defense of usury in an action on the debt.
History: 1982, Act 162, Eff. Jan. 1, 1983
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Am. 2014, Act 557, Imd. Eff. Jan. 15, 2015
Rendered 8/14/2025 10:21 PM
Michigan Compiled Laws Complete Through PA 5 of 2025
Courtesy of legislature.mi.gov