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Form a Business

Agreement to pay rate of interest in excess of legal rate; defense of usury prohibited.

MCL 450.2275
in effect
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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. 1982, Act 162, Eff. Jan. 1, 1983; Am. 2014, Act 557, Imd. Eff. Jan. 15, 2015
Source: Michigan Legislature (legislature.mi.gov)URL: https://legislature.mi.gov/Laws/MCL?objectName=mcl-450-2275Fetched: 10/20/2026

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