Sec. 4. (1) Except as provided in subsection (2), a regulated lender may charge, collect, and receive any rate of interest or finance charge for an extension of credit not to exceed 25% per annum. (2) A depository institution may charge, collect, and receive any rate of interest or finance charge for a credit card arrangement. (3) Except for a fee or charge provided for in section 6 or 7, in connection with an extension of credit made to an individual for personal, family, or household purposes, the interest or finance charge that is calculated on the principal balance shall be computed only on the basis of the unpaid balance.
Mich. Comp. Laws § 445.1854
Charge, collection, and receipt of interest rate or finance charge; maximum rate; computation
Applied in 1 court decision — leading case In Re Dow Corning Corp. (1999)
Most recently applied in In Re Dow Corning Corp. (July 1999)
1995, Act 162, Eff
Official source: Michigan Legislature. Reproduced from public-domain Michigan statutes; confirm against the official source for the current text. Not legal advice.