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Michigan Compiled Laws, Chapter 445. Trade and Commerce § 445.1858

Current as of January 01, 2025 | Updated by Findlaw Staff

Sec. 8. Any of the following provisions contained in a written document made in connection with an extension of credit to an individual for personal, family, or household purposes are void and unenforceable:

(a) A power of attorney to confess a judgment.

(b) Unless otherwise expressly provided for by law, a waiver of a borrower's or buyer's rights under this act.

(c) Except as authorized by this act, an agreement by a borrower or buyer to pay a penalty. Late payment and prepayment charges are not penalties.

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Cite this article: FindLaw.com - Michigan Compiled Laws, Chapter 445. Trade and Commerce § 445.1858 - last updated January 01, 2025 | https://codes.findlaw.com/mi/chapter-445-trade-and-commerce/mi-comp-laws-445-1858/

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