Sec. 18. (1) A person, except as authorized by this act, shall not directly or indirectly charge, contract for, or receive an interest, discount, or consideration greater than the lender would be permitted by law to charge if the lender were not licensed under this act upon the loan, use, or forbearance of money, goods, or things in action. (2) The prohibition specified in subsection (1) applies to a person who or which, by any device, subterfuge, or pretense charges, contracts for, or receives greater interest, consideration, or charges than authorized by this act for the loan, use, or forbearance of money, goods, or things in action or for the loan, use, or sale of credit. (3) This act does not apply to loans legally made in another state or country by a licensee under a regulatory loan law similar in principle to this act, except that loans made by mail to Michigan residents are subject to this act.
Mich. Comp. Laws § 493.18
Unlicensed persons; limitation on interest, discount, or consideration; applicability of act to loans made in another state or country
Applied in 1 court decision — leading case People ex rel. Attorney General v. Fairfax Family Fund, Inc. (1974)
Most recently applied in People ex rel. Attorney General v. Fairfax Family Fund, Inc. (August 1974)
1939, Act 21, Eff
Official source: Michigan Legislature. Reproduced from public-domain Michigan statutes; confirm against the official source for the current text. Not legal advice.