Michigan Interest Rates 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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