LegalFix
Sign In

Section 445.1854 Charge, Collection, and Receipt of Interest Rate or Finance Charge; Maximum Rate; Computation.

MI Comp L § 445.1854 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

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.

History: 1995, Act 162, Eff. Mar. 28, 1996 Compiler's Notes: For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.

Previous Section
Section 445.1853 Scope of Act.
Next Section
Section 445.1855 Credit Sale Under Mcl 445.1101 to 445.1431 or Mcl 492.101 to 492.141; Written Agreement; Precomputed Interest Provision.